When the Restaurant Revitalization Fund opens on April 8, applicants will be required to provide two key registration numbers that may be unfamiliar to restaurant owners: SAM and DUNS.
This SBA program is expected to receive more applications than it can fund. Applicants should do everything in their power to be prepared NOW. To ensure that you have the required DUNS and SAM numbers when the applications he application process opens and can apply quickly, you need to begin the process now.
DETAILS ARE PENDING BUT HERE IS WHAT WE KNOW NOW. We await guidance from SBA and opening of bank portals. In the meantime, we recommend preparing your 2019 and 2020 quarterly figures.You can make an appointment for assistance from CV SBDC financial advisors anytime by calling 434-295-8198 or emailing email@example.com.
Paycheck Protection Program (PPP) • $284 billion has been included for the PPP version 2 (PPP2). The same breakdown of 60% payroll, 40% expenses applies for forgiveness (to be spent within 8-24 weeks); however, additional expenses are eligible within the 40% (such as cloud computing and accounting expenses, PPE and other workplace modification expenses to meet COVID 19 guidelines, and supplier expenses that were necessary at the time of purchase). • 501(c)(6) not-for-profit organizations will be eligible. This includes Chambers of Commerce and Destination Marketing Organizations. Must have 300 or fewer employees and be within certain lobbying limits (15% of revenue, 15% of expenses, $1M in expenses). • PPP2 funds are NOT taxable. • PPP2 recipients can receive up to $2 million if they meet the following criteria:300 or fewer employees,have used or will use the full amount of their first PPP loan,can show a 25% revenue decline in any 2020 quarter compared to the same period in 2019. • PPP2 will permit first-time borrowers from the following groups: -businesses with 500 or fewer employees eligible for other SBA 7(a) loans, -sole proprietors, independent contractors, and eligible self-employed individuals, -not-for-profits, including churches, -NAICS codes starting with 72 with fewer than 300 employees per location. • Borrowers who returned all or part of a previous PPP loan can re-apply for the maximum available to them. • Borrowers can receive up to 2.5X average monthly payroll, up to $2 million, except for NAICS code 72 entities, which can get 3.5X their average payroll costs, up to $2 million. • Loan forgiveness for amounts under $150,000 remains simplified. • To receive forgiveness, the first PPP loan must be exhausted by the time the PPP2 is received.
Economic Injury Disaster Loan (EIDL) • $20 billion will be used to replenish the EIDL “first advance” program for businesses in low-income communities. New EIDL grants (up to $10,000) will not be deducted from PPP forgiveness. • Loan eligibility if more than 30% reduction in revenue or in a depressed area.
EMPLOYEE RETENTION TAX CREDIT • Can apply for PPP and employee retention tax credits (both) if less than 500 employees and revenue reduction of greater than 20%. Up to 50% of wages for 2020 and up to 70% of wages for first 2 quarters of 2021. LIVE VENUE grant • Closed live-venues, independent movie theaters, and cultural institutions can access a pool of $15 billion grants, up to $10M. Grant recipients can NOT also get a PPP2 loan.
Governor Ralph Northam recently announced that he is directing an additional $30 million to support the expansion of Rebuild VA, a grant program to help small businesses and nonprofits affected by the COVID-19 pandemic. The additional funds will allow for:
expanded eligibility criteria to include businesses with less than $10 million in gross revenue or fewer than 250 employees
increased maximum grant awards from $10,000 to $100,000
For additional information about eligible expenses and how to submit an application, Rebuild VA. To view a helpful webinar which discusses the grant changes and also includes a Q & A session,View Webinar. If you still have questions or need assistance in completing the application, we are here for you! Please call our Client Services Coordinator, Donna Clark, at (434) 295-8198 to schedule a meeting with one of our knowledgeable Business Advisors.
This new webinar from the Central Virginia Small Business Development Center will give you strategies and tips for securing federal business.
Join Lisa Wood, Director of the Virginia Procurement Technical Assistance Center (PTAC), for this informative presentation – a “must” for those who are considering the Federal Government contracting market and want to learn how to prepare for/navigate this huge potential market. The class offers tips and tricks on how to win Federal business.
Lisa Wood is the Statewide Director of the Virginia Procurement Technical Assistance Center (PTAC) hosted by George Mason University. Prior to that, she served as the Statewide Director with the Connecticut and Ohio PTAC programs and was also Director for the Northwest Commission PTAC in Pennsylvania. Before joining the PTAC community, Lisa was a Procurement Specialist for Bechtel Plant Machinery, Inc. in the Greater Pittsburgh Area. In this role, Wood performed contract administration and negotiation duties. She also recommended bidders, handled issue inquiries, negotiated bids, performed cost and price analysis, and prepared comprehensive letters to justify recommended contract actions. Ms. Wood holds an MBA from the University of New Haven and a BSBA through Robert Morris University of Pittsburgh where she is also pursuing her PhD in Instructional Management and Leadership.