There is still some limited monies available to help a restaurant owner fund operations.
First and 2nd round of PPP is not available any more.
The ERTC (Employee Retention Tax Credit) is available through the end of 2021. If you haven’t signed up with Kallas to obtain these credits for you, call our office and ask for Michele.
The SBA has raised the maximum dollar amount of it’s EIDL loan from $150,000 to $500,000. The EIDL loans have a 30 year maturity with interest rates of 3.75 and payments are not required until 2022.
Contact Eric at our partner firm. Independent Business Consultants for more information and how to obtain the EIDL.
The RRF (Restaurant Revitalization Fund) was created in March 2021 specifically to provide grants the restaurants. It was funded with $28 billion. Unfortunately, $28 billion was not close to enough.
Since the fund opened, there have been 278,000 applications requesting $72 billion in funds.
105,000 restaurants received the grant before the funding ran out.
The average grant given out was $283,000.
The SBA closed its site for application on July 14.
Legislation has been introduced in the Senate to replenish the fund with an additional $60 billion but even if passed, that will not be enough. The bill has not progressed as lawmakers are currently focused on forging an infrastructure bill.
If the RRF reopens, Kallas will send out an E-Blast to let you know.
