LUTZ + CORONAVIRUS (COVID-19) RESOURCE CENTER
UPDATE + RESTAURANT REVITALIZATION FUND
The US Small Business Association (SBA) recently updated its website to provide additional details on the Restaurant Revitalization Fund (RRF). The American Rescue Plan Act established the RRF to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
3.30.21 | AMERICAN RESCUE PLAN ACT + HOW WILL IT AFFECT ME? | RECORDING
The American Rescue Plan Act, a $1.9 trillion economic stimulus bill recently passed by Congress, intends to speed up recovery from the recession brought on by the COVID-19 pandemic. This presentation will provide an overview of the American Rescue Plan Act and how it could affect businesses and individuals. In addition, Lutz experts will provide high-level updates on current programs such as PPP and more insight on the Employer Retention Credit (ERC).
1.26.21 | SECOND ROUND COVID-19 STIMULUS PACKAGE | RECORDING
Included in the Consolidated Appropriations Act, 2021 signed into law in late 2020 is $900 billion of COVID-19 related relief provisions for individual taxpayers and small businesses. In this presentation, the Lutz PPP Team cover various topics to help business owners understand the relief options available.
PAYCHECK PROTECTION PROGRAM UPDATES
The Consolidated Appropriations Act (CAA) passed at the end of December 2020 contained language reopening the Paycheck Protection Program (PPP) for First Draw Loans and creating the PPP for Second Draw Loans. The below listing presents a summary of the major points of each program.
RESTAURANT REVITALIZATION FUND (RRF) + APPLICATION OPENING ANNOUNCED
On April 27, 2021, the U.S. Small Business Administration announced that registration for the $28.6 billion Restaurant Revitalization Fund will begin on Friday, April 30, 2021, at 9 am ET, with applications being accepted on Monday, May 3, 2021, at noon ET. The online application will remain open to any eligible establishment until all funds are exhausted. Register here or through an SBA Point-of-Sale Restaurant Partner (currently Square or Toast customers with more to be announced soon by the SBA).
SHOVEL-READY CAPITAL RECOVERY AND INVESTMENT ACT FOR NONPROFIT ORGANIZATIONS
The Shovel-Ready Capital Recovery and Investment Act (LB566) is currently pending approval from the Nebraska Legislature. This bill, if passed, intends to provide grants to qualified nonprofit organizations to assist with capital projects that were delayed due to COVID-19 and that will deliver a positive economic impact in the State of Nebraska.
NEW STIMULUS PACKAGE SIGNED INTO LAW
President Biden signed the American Rescue Plan Act last week, which is the third major piece of legislation targeting the COVID-19 pandemic. It contains several tax provisions that impact businesses and individuals.
EMPLOYEE RETENTION CREDIT PROVIDES SIGNIFICANT BENEFITS FOR EMPLOYERS
- Did your business suffer a revenue decline in 2020?
- Do you expect a revenue decline in 2021 compared to 2019?
- Did your business experience a shutdown in 2020?
- Did your business continue paying employees during these times of disruption?
If so, there may be significant opportunities to claim refundable tax credits on wages paid in 2020 and 2021.
COVID RELIEF PROGRAMS FOR BUSINESSES
Interested in learning more about the COVID-19 relief programs available for businesses? Download our guide to receive detailed information on the:
- Paycheck Protection Program (PPP) – First and Second Draw Loans
- Economic Injury Disaster Loan (EIDL)
- SBA 7(a) Debt Relief
- Families First Coronavirus Response Act (FFCRA)
- Employee Retention Credit
- Coronavirus Food Assistance Program (CFAP)
- Nebraska Stabilization Grants/Coronavirus Relief Fund Grants
- DHHS Provider Relief Funds
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