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RESTAURANT REVITALIZATION FUND APPLICATIONS OPEN NOW
The SBA will begin accepting applications for the Restaurant Revitalization Fund on Monday, May 3rd at 12 p.m. ET.
Starting Friday, April 30, Applicants are encouraged to create an account beforehand at restaurants.sba.gov.
Learn more and register here.
BUSINESS SUPPORT DURING COVID-19
There are a number of upcoming programming opportunities for small businesses in the U.P. Click the “More Info” links for more details.
Program Name | Summary | Dollar Range | Lead Agency | Deadline | Link | Notes |
|---|---|---|---|---|---|---|
Restaurant Revitalization Fund | The American Rescue Plan Act established a $28.6 billion “Restaurant Revitalization Fund” (RRF) within the U.S. Small Business Administration. An eligible business may receive a tax-free federal grant equal to the amount of its pandemic-related revenue loss, calculated by subtracting its 2020 gross receipts from its 2019 receipts. | Total grant amount for an eligible business and any affiliated businesses is capped at $10 million and is limited to $5 million per physical location of the business. | Small Business Administration | This program will close once money has been exhausted. | More Info | Register to start your application here |
Employee Retention Tax Credit | Businesses with 500 or fewer employees, more than 20% decline of gross receipts in a quarter compared to 2019 | Refundable, advanceable tax credit of up to $14,000 per employee | IRS | Based on your 2020 tax filing | More Info | Talk to your accountant or payroll expert |
Family Leave Tax Credit | Employers providing paid family and medical leave that meets certain requirements can take advantage of a general business tax credit for 2021 through 2025. | The temporary credit ranges from 12.5% to 25% of wages paid to qualifying employees for up to 12 weeks of family and medical leave per taxable year. | IRS | Based on your 2020 tax filing. | More Info | Talk to your tax accountant or payroll expert. |
Paycheck Protection Program (PPP) Second Round | Businesses with 300 or fewer employees, exhausted first PPP loan, more than 25% decline of gross receipts in a quarter compared to 2019. Check with your local bank because certain industries can apply for 3.5 times payroll cost versus 2.5 times payroll costs. | Forgiveable loan up to $2 million | Small Business Administration Administered by any SBA 7a lender such as community financial institutions, CDFI, etc. | May 31, 2021 or when funds are exhausted | More Info |
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Economic Injury Disaster Loan (EIDL) | Businesses with 300 or fewer employees, located in a census tract eligible for New Market Tax Credit (businesses can verify if they are in an area here.) 30% reduction in gross receipts for an 8-week period between 3/2/20 and 12/31/20 compared to a similar period | Priority for a full EIDL grant of $10,000 for those who didn’t receive previous funding (if you received partial or were denied the first round you can re-apply for a max of $10,000) | Small Business Administration | This program will close once money has been exhausted | More Info | Can only receive the EIDL or Shuttered Venue Grant, not both. Can apply for both and accept one if approved for both. |
Shuttered Venue Operators Grant | A live venue operator or promoter, theatrical producer, or live performing arts organization operator, a museum operator, motion picture theatre operator, or a talent representative who has experienced at least 25% reduction in gross earned income | Grant of $10 million or 45% of 2019 gross earned revenue, whichever is less | Small Business Administration | This program will close once money has been exhausted | More Info | Businesses must be registered in the federal government’s System for Awards Manager (SAM) prior to applying. |
A collection of resources for U.P. business owners including financial assistance, industry specific guidelines, unemployment information, and more.
Contact information in all 15 U.P. counties that can provide further assistance to businesses.
Resources for residents regarding COVID-19 and vaccinations.