Springfield restaurant plans for financial future after SBA loan runs out

By  | 

SPRINGFIELD, Mo The Dutch inspired restaurant, Van Gogh's Eaterie on Commercial Street, opened just two years ago with hopes of bringing a piece of the Netherlands to Springfield.

"We just hit that point in our growth phase where we were getting established and where we were in people's routines and on people's regular thought but that got cut too quickly," said Van Gogh's Eaterie's Co-owner, Joseph Gidman.

Closed with an eye on how to safely reopen.

"We knew with the drop in business we'd lose too much until we sat down and looked at everything with a financial plan to reopen," said Gidman.

Co-owner Josph Gidman said the Paycheck Protection Program loan let the restaurant re-open without the fear of finances dragging them down.

"Our worry is when our PPP runs out," said Gidman. "So we're already making plans on how to survive. How to survive after we survived," said Gidman.

One is loan forgiveness. The Small Business Administration said PPP allows eight weeks of use and businesses can apply for forgiveness only if they used 75% to cover payroll and the other 25% on other items. Borrowers have two years to repay the loan at an interest rate of just one percent.

Gidman said once he's available to apply for forgiveness his business will but in the meantime he's thankful Van Gogh's Eaterie and the other small businesses on C-Street is back up and running.