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Restaurants, bars, caterers, food trucks and many other food and beverage businesses that suffered a loss in revenue due to COVID-19 will soon be able to apply for federal grants designed to help them remain in business.
The grants are part of the Restaurant Revitalization Fund, a $28.6 billion fund that was established last month as part of the American Rescue Plan Act of 2021. The U.S. Small Business Administration, which will administer the fund, is expected to provide additional information shortly and begin making grants within a couple months.
The Coronavirus Aid, Relief, and Economic Security Act (as amended and modified, the “
CARES Act”) was enacted to provide immediate assistance to individuals, families, and businesses affected by the COVID-19 emergency. Among other provisions, the CARES Act allowed Congress to authorize the Small Business Administration (“
SBA”) to temporarily guarantee forgivable loans under a new 7(a) loan program titled the Paycheck Protection Program (“
PPP”).
On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “
Economic Aid Act”) was enacted and authorized additional funds for new First Draw PPP Loans and for Second Draw PPP Loans. On January 6, 2021, the SBA and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act.” That rule restates existing regulatory provisions into a single regulation on borrower eligibil
On January 6, 2021, the Small Business Administration (the “
SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“
Second Draw Rules”). These rules announced the implementation of section 311 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “
Economic Aid Act”). The SBA also released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act” (“
Consolidated First Draw PPP IFR”). That rule restates existing regulatory provisions into a single regulation on borrower eligibility, lender eligibility, and loan application or origination requirement issues for new First Draw PPP Loans, as well as general rules relating to First Draw PPP Loan increases and loan forgiveness. Both rules take effect immediately. For more information on the Consolidated First D
ROADMAP TO REOPENING
Vermont Business Magazine Friday, April 9th, marked the start of the Vermont Forward reopening plan, which Governor Scott announced earlier this week. With this plan, our tourism industry has much to look forward to starting today. VDTM would like thank all – innkeepers, hospitality staff, food service professionals, front-line workers, owner-operators, Vermonters, visitors and everyone in between, alike – for your patience, tenacity, creativity, advocacy, and generosity of spirit in supporting each other as we worked toward this moment, and our bright future ahead.
Highlights of the plan include:
New Travel Policy: Effective today, quarantine is no longer required. Instead, unvaccinated visitors will need to obtain a negative COVID-19 test result within three days prior to arrival in state. The certificate of compliance for lodging establishments is still required until travel restrictions are fully lifted, currently scheduled for June 1st.
What to Know about the Paycheck Protection Program, Round Two – First Draw PPP Loans (Updated 4/8/2021) | Schwabe, Williamson & Wyatt PC jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.