Month: April 2021 Page 1 of 3

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loans in the first round of relief but did not deduct otherwise eligible business expenses because they relied on now-superseded guidance.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?

SBA Administrator Isabella Casillas Guzman today announced key details on application requirements, eligibility, and a program guide for the Restaurant Revitalization Fund (RRF). The restaurant industry has been among the hardest-hit sectors during the economic downturn caused by the COVID-19 pandemic. To help bring jobs back and revive the industry, the American Rescue Plan, signed into law by President Joe Biden, established the $28.6 billion Restaurant Revitalization Fund at the U.S. Small Business Administration (SBA). The SBA will administer the funds to the hardest-hit small restaurants.

“Today, we are starting the process to help restaurants and bars across the country devastated by the pandemic, and this is our message: Help is here.… Read More

It is important to understand how applying for SBA relief programs may affect your eligibility for other programs.

• You can receive an Economic Injury Disaster Loan and a Paycheck Protection Program loan. You cannot use the loan proceeds for the same purposes.
• You can receive an Economic Injury Disaster Loan and a Shuttered Venue Operators Grant but they cannot be used for the same purposes.
• If you receive a Paycheck Protection Program loan after December 27, 2020, the amount of your PPP loan will be deducted from your Shuttered Venue Operators Grant award amount.
• You cannot receive a Paycheck Protection Program loan after receiving a Shuttered Venue Operators Grant.