How to Keep Your Business Running During COVID-19: Relief Funding

By
Talia Bennick
March 26, 2020

We know these have been incredibly challenging weeks for the hospitality industry. Many restaurant businesses that we work with were built on blood, sweat, and tears, and this pandemic is testing limits. 

You’ve stepped up to the plate by creating takeout menus, setting up curbside and delivery programs, and doing everything in your power to keep the lights on and as much of your team employed as possible. 

Please know that we are here for you. Since feedback is at Humm’s core, we’re offering two free months of Humm Live Text Feedback for your takeout program. Live Text will improve customer loyalty through this challenge. 


We know that you will likely be searching for financial support. So, we’ve compiled an interactive list of relief funding opportunities available to restaurant businesses and people within the hospitality industry. 


Types of Relief Funding Available to Restaurants

Grants

Many local city councils and non-profit organizations have pooled resources together to offer grants to independent businesses and service employees. A grant is money awarded to applicants who meet a certain set of criteria with no obligation of repayment. As non-profits around the country raise money in the coming days, weeks, and months, we will continue to see a consistent presence of grant opportunities presented.


Crowdfunding & Virtual Tip Jars

Many restaurants have set up GoFundMe campaigns to raise cash to support their employees. The Jean-Georges Restaurant Group has raised over $130,000 on their GoFundMe. There are also Virtual Tip Jars, like Austin’s Virtual Tip Jar and Go Tip Em, which servers and bartenders can link their venmo and paypal accounts to for loyal customers to send virtual tips. 


Loans

There are a growing number of zero-interest, low-interest loan opportunities at the federal and state levels, and private lenders are rolling out relief lending programs for small businesses. When analyzing these opportunities, consider interest rate, duration of loan, and please read the fine print. If you need any assistance, Seated is offering free financial, legal and general business advice from industry professionals. 


Dining Bonds

What is a dining bond anyway? A restaurant will sell a customer a dining bond at a discounted rate (usually 25%), and the customer can then redeem that bond to purchase a meal in the future (usually 30-60 days). The Dining Bond is an exciting new financial instrument for restaurants that was quickly created in the face of this challenge. One restaurant chain in Atlanta raised over $20,000 by selling dining bonds.  


Stay in Communication With Your Customers

Repeat takeout business is key to your success in the coming weeks, and it's essential to maintain open lines of communication with your customers. With the goal of supporting restaurants during this challenging time, Humm is offering 2 free months of Live Text to restaurants, which will let your customers text you directly after their meal. It takes only one minute to sign up