Congress Unveils More RRF Funds

Earlier this week, bi-partisan legislation was introduced in Congress to pump an additional $60 billion into the depleted Restaurant Revitalization Fund (RRF). As we advised just weeks ago, all $29 billion of the original RRF funds were committed within the 3-week priority window (women, veteran or socially/economically disadvantaged business owners) that Congress mandated when the…

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SBA Expands Targeted EIDL Pool

The SBA Administrator Isabel Guzman has announced that the agency will expand eligibility for its $25 billion cash grant program to a host of additional businesses. SBA’s Targeted Economic Injury Disaster Loan Advance grant program, which provides up to $10,000 to eligible businesses as well as its Supplemental Targeted Advance program ($5,000 follow-up grants) will…

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RRF Funding Portal Closes Monday

The U.S. Small Business Administration (SBA) announced yesterday that the application portal for the agency’s Restaurant Revitalization Fund (RRF) would close at 8:00 PM next Monday, May 24. Notwithstanding that the RRF was funded with almost $29 billion and was thought to be a big benefit for the entire restaurant industry, the program has exhausted…

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Upcoming Webinars

The next presentation in DDIFO’s Wednesday Webinar series is set for next Wednesday, May 26 from 2:00 – 3:00 PM EST. “Are You Prepared for the New Lease Accounting Standard?” will feature CEO and Co-Founder of Leasecake, Taj Adhav, joined by Mike Jerman, Managing Partner at Hollywell Partners explaining what ASC 842 is, how it…

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An Economic (SBA) Discussion

Later today, May 14 at 3:00 PM EDT, Small Business for America’s Future will sponsor an open discussion featuring U.S. Small Business Administration (SBA) Director Isabella Casillas Guzman and Bharat Ramamurti, the Deputy Director of the National Economic Council (NEC). The two will discuss the current state of the economy as well as the impact…

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SBA Exhausting PPP Funds

Although the Small Business Administration (SBA) is slated to continue taking applications for the popular Paycheck Protection Program until the end of this month, it appears the agency has exhausted its funds for most lenders.  The SBA acknowledged earlier this week that it was not accepting applications for new loans from most lenders – but…

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Restaurant Revitalization Opens May 3

The Small Business Administration (SBA) announced early this week that the $28.6 billion Restaurant Revitalization Fund (RRF) would officially open next Monday, May 3 at 12:00 Noon EDT, but restaurant owners and operators will be able to register for the program through the dedicated SBA RRF portal beginning at 9:00 EDT today, Friday, April 30.…

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SBA May Reconsider EIDL Rejections

The Small Business Administration (SBA) has opened up a new way for small-business owners to push back against a denial of their application for a Targeted Economic Injury Disaster Loan (EIDL) Advance cash grant. The agency last week announced a process by which rejected applicants can petition for reconsideration of funding. To formally request a…

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PPP Extended to May 31

President Biden signed the PPP Extension Act of 2021 into law this week and small businesses around the country now have an additional 60 days to apply for the SBA forgivable loan program.  Further, on top of the additional time allowed to apply, the law also gives the Small Business Administration (SBA) an additional 30…

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SBA Triples Disaster Loan Limits

The Small Business Administration (SBA) is increasing the maximum loan amounts under its Economic Injury Disaster Loans program (EIDL) effective April 6. In addition, the increase may also include some level of retroactivity. The EIDL, which was capped last year at six months’ worth of economic injury up to $150,000 maximum, will now be extended…

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