Category: Financial Resources Page 2 of 11

IRS To Start Monthly Payments of Child Tax Credit July 15

The Internal Revenue Service and the U.S. Department of the Treasury announced today that the first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households — covering 88% of children in the United States — are slated to begin receiving monthly payments without any further action required.

IRS and Treasury also announced the increased CTC payments will be made on the 15th of each month unless the 15th falls on a weekend or holiday. Families who receive the credit by direct deposit can plan their budgets around receipt of the benefit.… Read More

IRS issues guidance on taxability of dependent care assistance programs for 2021, 2022

The Internal Revenue Service issued guidance on Monday regarding the taxability of dependent care assistance programs for 2021 and 2022, clarifying that amounts attributable to carryovers or an extended period for incurring claims generally are not taxable. The guidance also illustrates the interaction of this standard with the one-year increase in the exclusion for employer-provided dependent care benefits from $5,000 to $10,500 for the 2021 taxable year under the American Rescue Plan Act.

Because of the pandemic, many people were unable to use the money they set aside in their dependent care assistance programs in 2020 and 2021. Generally, under these plans, an employer allows its employees to set aside a certain amount of pre-tax wages to pay for dependent care expenses.… Read More

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

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