Regardless of where you are in the application process, please review the following information as you proceed.

Here are some tech tips as you go through your application:

1. If you have only one bank account in your SAM.gov registration, your Electronic Funds Transfer Indicator is 0000 (FAQ #53 under Application).
2. If you want to remove an uploaded file, try uploading a new file to replace the file you wish to delete.
3. If you’re seeing a zero-grant amount in the calculator, that could be because of an invalid start date, an offsetting PPP loan amount, or an insufficient revenue loss.
4. If you email the SVOG Support Center, you may receive an email back from a zendesk.com

Four weeks before its scheduled end, the federal government’s signature aid effort for small businesses ravaged by the pandemic — the Paycheck Protection Program — ran out of funding Wednesday afternoon and stopped accepting most new applications.

Congress allocated $292 billion to fund the program’s most recent round of loans. Nearly all of that money has now been exhausted, the Small Business Administration, which runs the program, told lenders and their trade groups Wednesday.

While many had predicted that the program would run out of funds before its May 31 application deadline, the exact timing came as a surprise to many lenders.… Read More

Starting at 9 a.m. this Friday, April 30, business owners can begin registering for the Restaurant Revitalization Fund program, part of the $1.9 trillion aid package Congress passed in February.

Starting at noon on Monday, May 3, applications can be submitted through the point-of-sale system or on the Small Business Administration website.

The funding will be equal to pandemic-related revenue ​loss (2019 gross receipts minus 2020 gross receipts for businesses existing before 1/1/19) minus PPP funds. Operators who have one location can apply for up to $5 million, and those with multiple locations can apply for up to $10 million.… Read More

In preparation for the Shuttered Venue Operators Grant application portal reopening today, April 26, follow the steps below. Remember to register on the portal in advance.

Now: Use the checklist to make sure you have everything you need to complete your application. Review additional resources at sba.gov/svogrant such as the applicant user guide and FAQ. Keep these resources open throughout the application process.

Before 11 a.m. EDT, April 26: Register on the SVOG portal. The ability to register will be temporarily suspended between 11 a.m.-12 p.m. EDT on April 26 to ensure a fair process and prepare the site for opening.… Read More

The U.S. Small Business Administration has released the first round of technology partners participating in a new initiative for the Restaurant Revitalization Fund (RRF) – a program that will allow eligible restaurants and other food establishments to access the RRF application or data they need to fill out the application through their trusted point-of-sale (POS) service providers.

SBA is proud to announce partnerships with Clover ®, NCR Corporation, Square, and Toast in this groundbreaking effort to provide a customer-centric approach to the delivery of relief funds.

“The SBA is partnering with point-of-sale providers to leverage technology to better reach the smallest businesses that need our help the most.… Read More

The IRS and the Treasury Department on April 22 released guidance that provides a safe harbor for businesses that received Paycheck Protection Program (PPP) loans in the first round of relief but did not deduct otherwise eligible business expenses because they relied on now-superseded guidance.

Under prior guidance, businesses that received PPP loans in 2020 to cover payroll costs, interest on covered mortgage obligations, and covered utility payments could not deduct the corresponding expenses.

The new guidance – Rev. Proc. 2021-20 – provides a safe harbor in line with a provision in the Consolidated Appropriations Act, 2021, signed Dec. 27, 2020.… Read More

The U.S. Small Business Administration has completed rigorous testing and the Shuttered Venue Operators Grant application portal will reopen on Saturday, April 24.

Interested applicants should register for an account in advance through the portal.

PROGRAM DETAILS

The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance.

Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million.… Read More

The Internal Revenue Service and the Treasury Department announced today further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations.

The additional details, provided in a fact sheet released today, spell out some basic facts about the employers eligible for the tax credits. It also provides information on how these employers may claim the credit for leave paid to employees related to COVID-19 vaccinations.

Eligible employers, such as businesses and tax-exempt organizations with fewer than 500 employees and certain governmental employers, can receive a tax credit for providing paid time off for each employee receiving the vaccine and for any time needed to recover from the vaccine.… Read More

Covid-19 has hit my restaurant hard. What do I need to know about the Restaurant Revitalization Fund?

The American Rescue Plan Act of 2021 created the Restaurant Revitalization Fund – a $28.6 billion grant program to relieve restaurants from the losses they experienced due to the Covid-19 pandemic. If you’re a restaurant owner looking for financial support to keep your business running, you’ve come to the right place. Fortunately, this grant program is exclusive to members of the restaurant industry, has funds set aside for the hardest-hit businesses, and is simpler than the Paycheck Protection Program.

This article answers all your questions about the Restaurant Revitalization Fund (RRF) program, including:

• Am I eligible for an RRF grant?