SBA Restaurant Revitalization Fund is Over – 4 Funding Options Available
The SBA Restaurant Revitalization Fund portal is closed since the program ran out of funds. If you are a restaurant owner that did not get the Restaurant Revitalization Fund from the SBA, you still have 4 other funding options available for your business during this Covid-19 pandemic.
SBA EIDL Loan Portal Link – https://covid19relief1.sba.gov/Accoun…
Employee Retention Credit Video Link – https://youtu.be/Fcbz3UuL-zQ
This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Freedomtax Accounting and Multiservices Inc. are providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. Freedomtax Accounting and Multiservices Inc. or its members cannot be held liable for any use or misuse of this content.
As predicted the SBA restaurant fund or grant ran out of funding pretty quick, and now if you are a restaurant owner who did not get this help from the SBA for your restaurant, know that you have four more options of where to get additional funding for your restaurant to help you go through this coronavirus pandemic. That’s what we’re going to talk about in this video.
Hello from Freedom Tax Accounting we’re an accounting firm where we have been providing quality tax and accounting services now for over 20 years. If you’re new to this channel we provide strategies for small business owners so they can achieve their financial goals. Although for the last couple of months we have been concentrating in providing information about the PPP EIDL and any other SBA loan program or funding program for small business owners, so they can get through this coronavirus pandemic okay. Now we are recording this video on May 25th and we always emphasize the date of any recording relating to these SBA programs because these programs are constantly changing. So, there may be things we discuss in this video that can change as soon as tomorrow; so that’s the importance of subscribing to our channel that way you’re always up to date with the most current and correct information relating to these SBA loans okay.
So, let’s go to the news. Basically, the SBA restaurant revitalization fund is over with. Basically, if you go to their portal right now it says, “After overwhelming response to the restaurant revitalization fund the application portal is now closed for new applications.” So, if you were not able to get it then either way we’re going to have to wait to see if Congress approves more funding. I do not see that as an option, but you never know congress may approve more funding, but if you did not get it know that you have four other funding options okay. So, if you did not get the restaurant grant you still have four other ways of getting funding for your restaurant or business. These are the four that we are going to discuss today; the PPP; the SBA; EIDL loan; the employee retention; tax credit and local grants.
Okay so let’s go to the first one now the PPP even though it’s almost over you can still try to get it but you need to move fast because the SBA will stop accepting PPP applications on May 31st. But remember may 31st is next Monday which is Memorial Day. So, most probably if you do find a lender that has PPP funding left over most probably this Friday is going to be the last day to get your PPP application on time. Now where do you find a lender that has PPP funding available? You need to go to basically the SBA homepage; you go to the SBA website homepage and where it says paycheck protection program you click there that will take you to the PPP landing page and right here you see where to find an eligible lender and you click on these links. And for example, if you click on this one it takes you to this page where basically you just put your zip code, and it gives you a list of lenders that may have. I’m not telling you that they have funding, but that they may have PPP funds remaining. So, you’re going to have to call each and every one of them that’s near your business and see if they still have PPP funding available okay. So, that’s one way of getting PPP, but you must move quickly because these lenders are running out of funding very fast okay.
Now your second option is the EIDL loan okay. Remember that the EIDL loan is a loan from the SBA okay and basically you have two options. If you have never applied for an SBA EIDL loan you can apply and you have until December 31st of 2021 to apply for an EIDL loan if you haven’t applied for it in the past. Now where do you apply for it? Once again you go to the SBA website you go to the home page see where it says EIDL you click there, and you scroll down where it says apply here. So, you click here and you go through the application process. So, that’s if you have never applied for the EIDL loan. Now if you have received an EIDL loan in the past the SBA is allowing you to now request an increase okay, and you need to request the increase through the SBA portal. Where is that? It’s this page okay so this is your SBA portal which if you received an EIDL loan in the past you should have your username and your password to log into your SBA EIDL loan portal okay. And we will put a link to this portal in the description of this video, so you know how to log into the SBA portal. Once you log in to the portal, you’re going to see this okay. You’re going to see your last EIDL loan amount, this is the amount you already received and see here there’s a new blue button that says “request more funds”, you click there and you go through the EIDL increase application process.
Now it can take. We’ve seen that it can take two weeks, but we have seen cases where they are taking a lot longer but you need to start okay. So, that’s basically where you apply for the EIDL loan increase okay.
Now if you do not see that blue button on your portal, you can call the SBA at two 800-659-2955, and you can tell them that you went into your SBA EIDL portal and that you still don’t have that long increase blue button so they can help you over the phone okay.
Now your third option is basically the employee retention credit okay. Now this has been extended till the end of the year and very important this is only for businesses that have employees on payroll. So, if you’re self-employed independent contractor and you don’t have employees on payroll, then you cannot apply for the employee retention credit okay. But if your business was operational in 2019 and 20 and had payroll, you may be eligible to get the ERC credit. Now we have been doing these since January of this year for our clients and it is working. Let me show you an example, well this is not it. This is a copy of a check that one of our clients received from the IRS and this is only for the employee retention tax credit for the first quarter of 2021. Our client got $51,944.81, he got this from the IRS. Now it is taking a long time. We had done this application for the ERC at the end of January and the IRS did this check on May 11th. So, they are taking a long time but look it is working. We were able to help our client get a 51 000 check from the SBA, excuse me from the IRS as an employee retention tax credit, so it is working so that you have that option as well okay.
So, if you have no idea what the employee retention tax credit is, watch this video that we did in the past so you can get to know what the employee retention tax credit is, you can click on the video that we are linking here. But we are also going to provide a link to this video on the description of this video all right.
Now your fourth option would be to find local help. There are local community grants available for small businesses. You may need to look for them in google, but there is a local grant available. For example, do a google search for example we live here in Orlando Florida so in my case we would search in google Covid help for small businesses in Orlando Florida or covid grants for businesses in Orlando Florida. If you live in Dallas Texas, then small business help for covid 19 in Dallas Texas. So, do those google searches and find to see if in your local community there are grants available. Another recommendation is that you visit or call your local chambers of commerce. They are usually very up to date with all the help or funding help available for small businesses in their community. So, your local chamber of commerce is a very good resource.
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