Just before Thanksgiving, the Small Business Administration (SBA) announced that it was releasing an additional $83 million in unused Restaurant Revitalization funds, some 18 months after the program officially closed. The monies have been earmarked for 169 restaurant operators in the order that their applications were received back when the program was operable. The US…
Read More »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.…
Read More »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…
Read More »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…
Read More »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…
Read More »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…
Read More »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…
Read More »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…
Read More »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…
Read More »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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