Category: Financial Resources Page 1 of 12

The National Restaurant Association has taken an “all of the above” approach to federal recovery efforts. From the Paycheck Protection Program, the Employee Retention Tax Credit, to the Restaurant Revitalization Fund – they are focused on providing relief through every possible measure.

The National Restaurant Association has been actively engaged with the Small Business Administration (SBA) to improve the COVID Emergency Injury Disaster Loan (EIDL) program to make it more usable for restaurants. Last week, the SBA unveiled a new expansion of the program – increasing the loan limit and improving the range of uses, all while retaining the same very low federal interest rate.… Read More

The Biden-Harris Administration announced today that the U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), is making $25.5 billion in new funding available for health care providers affected by the COVID-19 pandemic. This funding includes $8.5 billion in American Rescue Plan (ARP) resources for providers who serve rural Medicaid, Children’s Health Insurance Program (CHIP), or Medicare patients, and an additional $17 billion for Provider Relief Fund (PRF) Phase 4 for a broad range of providers who can document revenue loss and expenses associated with the pandemic.

Consistent with the requirements included in the Coronavirus Response and Relief Supplemental Appropriations Act of 2020, PRF Phase 4 payments will be based on providers’ lost revenues and expenditures between July 1, 2020, and March 31, 2021.… Read More

The U.S. Small Business Administration (SBA) is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans of $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.

“The SBA’s new streamlined application portal will simplify forgiveness for millions of our smallest businesses — including many sole proprietors — who used funds from our Paycheck Protection Program loans to survive the pandemic,” said Administrator Isabel Casillas Guzman. “The vast majority of businesses waiting for forgiveness have loans under $150,000. These entrepreneurs are busy running their businesses and are challenged by an overly complicated forgiveness process.… Read More

On March 11, the American Rescue Plan Act of 2021 created the $28.6 billion Restaurant Revitalization Fund to provide grants for restaurants sustaining financial losses due to the COVID-19 pandemic.

On April 17, the U.S. Small Business Administration (SBA) issued the necessary federal rules, regulations, and a sample application to distribute the grant funds.

The SBA was able to process approximately 72,000 priority applications, totaling $18 billion. Following the priority period, the SBA distributed funding for an additional 28,000 restaurants from both priority and nonpriority groups, leaving approximately $1.1 billion in funds left, and will continue processing grants for nonpriority groups until the funding runs dry.… Read More

Today, U.S. Small Business Administrator Isabella Casillas Guzman issued the following statement on the closure of the Paycheck Protection Program (PPP) to new loan guaranty applications, which has provided over $798 billion in economic relief to small businesses and nonprofits across the nation, keeping employees employed and helping businesses come back stronger than ever.

“The Paycheck Protection Program provided over 8.5 million small businesses and nonprofits the lifeline they needed to survive during a once-in-generation economic crisis. I’ve heard story after story from small business owners across the country about how PPP funds helped them keep the lights on, pay their employees — and gave them hope,” said SBA Administrator Isabella Casillas Guzman.… Read More