Senate Wants EIDL Money Spent

Last week, as the Small Business Administration (SBA) announced that it would be releasing the remaining $180 Million in the Restaurant Revitalization Fund (RRF), the Small Business Committee in the US Senate was reiterating a call for the SBA to also release the remaining $800 Million still available in the Economic Injury Disaster Loan Program.…

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SBA to Release Remaining RRF Funds

The U. S. Small Business Administration (SBA) confirmed this week that there remains approximately $180 Million in the closed Restaurant Revitalization Fund (RRF) and it will soon begin distributing those funds to qualified restaurants. The RRF, launched in 2021 to counter the devastation that the pandemic heaped upon the restaurant industry, was initially funded to…

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EIDL Portal Closing Next Week

As we’ve advised in the past, the Small Business Administration ceased accepting applications to the Economic Injury Disaster Loan program as of January 1 of this year. Today, May 6, 2022 is the deadline for those who want to request a loan increase or perhaps reconsideration of a loan rejection! The COVID-19 EIDL Portal, also…

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Small Business Virtual Summit

The U.S. Small Business Administration (SBA) this week announced that a four-day National Small Business Virtual Summit has been scheduled for the week of May 2 through May 5. Beginning on Monday, May 2, the summit will feature a plethora of virtual events throughout the week, each of which will provide guidance and focus on…

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SBA Extends EIDL Deferment

The Small Business Administration (SBA) this week announced that it was extending the deferment period for COVID-19 Economic Injury Disaster Loan (EIDL) borrowers to 30 months from the time when the loan was first approved. The EIDL program provided nearly four million small businesses with more than $350 billion in emergency funding during the COVID…

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Congressional Hearing on Franchising

The US Senate Committee on Small Business & Entrepreneurship will host a hearing on March 16 at 2:30 PM specifically focused on the franchising industry and some of the problems that have beset franchise owners over the years. The hearing, entitled Small Business Franchising: An Overview of the Industry, SBA’s Role and Legislative Proposals, will…

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Bipartisan Effort to Resurrect RRF

Although it is not anywhere close to reality just yet, QSR franchisees and other restaurant operators can take some solace in bipartisan efforts currently underway in Congress to resurrect and recapitalize the Restaurant Revitalization Fund (RRF). Maryland Democratic Senator Ben Cardin, Chairman of the Senate Committee on Small Business and Entrepreneurship has again joined with…

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Clock Ticking on PPP Forgiveness

As we look to our businesses rebounding further in 2022 and ensuring compliance with new mandates and ongoing business regulations, we must also keep one eye on the calendar for other deadlines and obligations. Toward that end, and for those of you who received a Paycheck Protection Program (PPP) loan from the 2nd draw, authorized…

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SBA Makes Major Changes to EIDL

It was announced yesterday in Washington DC that the U.S. Small Business Administration (SBA) has made a number of significant changes to the Economic Injury Disaster Loan program. The loan cap, which previously was set at $500,000, has been increased to $2 million and actually went in effect Wednesday evening although it wasn’t announced until…

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National Small Business Week

Next week, the U.S. Small Business Administration will host its annual Small Business Week Summit to celebrate the 31 million small businesses operating around the country. SBA Administrator Isabella Guzman announced the theme of this year’s event as “Celebrating Resilience and Renewal”. The event is a free, three-day virtual conference with a series of educational…

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