Category: Federal Page 2 of 13

The SBA Funds 16,000 Restaurant Revitalization Fund Awards

Today, the U.S. Small Business Administration will begin delivering economic relief from the Restaurant Revitalization Fund, established by the American Rescue Plan and signed into law by President Joe Biden, to more than 16,000 approved applicants. This first round of funding represents over $2 billion of relief awarded since last Monday’s successful program launch. Restaurants and other food and beverage businesses across the nation will begin to see funds in bank accounts as early as Tuesday, May 11.

“Just one week after launching the $28.6 billion Restaurant Revitalization Fund, the SBA has begun to fund applications and that more than 16,000 restaurants and other food and beverage business owners will get much-needed relief in their hands,” said SBA Administrator Isabella Casillas Guzman.… Read More

Restaurant Revitalization Fund: What to Expect Next

Regardless of where you are in the application process, please review the following reminders and helpful hints about moving forward.

What to expect next:

  1. As outlined by Congress, the SBA will focus their reviews on the priority applications that have been submitted. Applicants who have submitted a non-priority application will find their applications remain in a Review status while the priority applications are processed during the first 21 days. Applicants in this status should not anticipate any outreach from the SBA during this period.
  2. Following successful application submission, all applications will first enter a stage called “IRS verification”. This process may take up to seven days and allows the SBA to validate your application submission.
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Shuttered Venue Operators Grant Program: What’s Next?

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
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The Paycheck Protection Program is Out of Money and Closed to Most New Applications.

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

SBA Tells Restaurants, Bars, and Similar Businesses Seeking COVID-19 Relief Funds: GET READY TO FILE!

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

Restaurant Revitalization Fund (RRF) Webinar Trainings

The U.S. Small Business Administration will host two webinars on Tuesday, April 27, and Wednesday, April 28 covering the Restaurant Revitalization Fund program details and how to submit an application. The webinars will cover the same content.

The webinars are limited to the first 20,000 registrants, however, both will be recorded and later posted on SBA’s YouTube channel.

Register for one of the webinars below.

For more information about the Restaurant Revitalization Fund, visit sba.gov/restaurants.… Read More

Important Info to Know: Shuttered Venue Operators Grant (SVOG) Reopening

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

SBA Announces First-of-Its-Kind Technology Initiative for Restaurant Revitalization Fund

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

IRS Gives Safe Harbor to Small Businesses to Claim Deductions for PPP Loans

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

SVOG Application Portal will Reopen on April 24

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

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