Tonight there was a SBA press release about the Restaurant Revitalization Fund program. SBA Administrator Isabella Casillas Guzman on 4/17/2021 announced key details on application requirements, eligibility, and a program guide for the Restaurant Revitalization Fund (RFF). Under this announcement, details on application requirements, eligibility, and a program guide are now available in English at
Tomorrow morning the Phase 4 of NJEDA will open providing additional funding for COVID impacted businesses. Phase 4 funds aim to reimburse lost revenue as result of the business interruption caused by the pandemic between March 1, 2020 and the date of the grant agreement, providing the necessary resources to any eligible business that has
The IRS is reminding taxpayers that the 2021 estimated tax payments are due on April 15, 2021 as the estimated tax payments were not extended. Note that they were extended in prior year tax period. As a result, some taxpayers might be confused on this year's due date for estimated tax payments. Additionally, the tax
Today, in the issue number IR-2021-79, the IRS has communicated that increases the deductibility of meal expenses from 50% to 100% for years 2021 and 2022 to promote the restaurant industry, which has been especially impacted during the pandemic. Beginning Jan. 1, 2021, through Dec. 31, 2022, businesses can claim 100% of their food or
The IRS provided additional guidance for the Employee Retention Credit for the first two quarter of 2021. The IRS notice addresses some of the changes from 2020 Employee Retention Credit. From the Journal of Accountancy's article, "... As a result of the changes made by the Consolidated Appropriations Act, eligible employers can claim a refundable
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
The U.S. Small Business Administration (SBA) is targeting early April to launch a phased rollout of the $28.6 billion Restaurant Revitalization Fund (RRF), a senior SBA official testified during a Senate Small Business Committee hearing. The American Rescue Plan Act, P.L. 117-2, created the RRF to provide restaurants with grants equal to their pandemic-related revenue
The City of Philadelphia has wrote a post on how the different departments (Commerce, Revenue, etc.) have supported local businesses during the last twelve months of pandemic. We are aware of the continued efforts of these departments through the pandemic, in times of civil unrest, etc. and value all the assistance that they provide to
Philadelphia County is receiving approximately $17 million in funding to provide grants to eligible businesses through this program. Grants are available to eligible businesses in the range from $5,000 - $50,000. Businesses must: Be physically located in Philadelphia County, in operation as of February 15, 2020, and intend to continue operating within one year of
The SBA has published the following press release regarding the deferment for all Covid-19 EIDL and other disaster loans. "WASHINGTON –The U.S. Small Business Administration announced extended deferment periods for all disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022. All SBA disaster loans made in calendar year 2020, including COVID-19
