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COVID-19: Business News

Restaurant Revitalization Fund: Use of Funds Validation

October 13, 2021

The American Rescue Plan Act of 2021 established the Restaurant Revitalization Fund (RRF) to provide much needed funding to restaurants and other eligible businesses that suffered revenue losses as a result of the pandemic. RRF proceeds may be used for specific business expenses as follows: Payroll costs (including sick leave); Payments on any business mortgage obligation; Rent payments; Debt service; Utility payments; Maintenance expenses; Construction of outdoor seating; Supplies, including protective equipment and cleaning materials; Food and beverage expenses (including raw materials); Covered supplier costs, which is an expenditure made by the eligible entity to a supplier of goods for […]

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COVID EIDL LOAN UPDATES

October 8, 2021

At Gettry Marcus CPA, P.C. we continue to stay apprised as to the status and availability of COVID-19 related grant and loan programs. Beginning October 8, 2021, the SBA will begin approving COVID Economic Injury Disaster Loans (“EIDL”) up to $2 million.  The following summarizes certain key facts with respect to the COVID EIDL program: Program Information COVID EIDLs are provided directly from the Small Business Administration (“SBA”), applicants must apply online through an SBA portal; This is a loan program, not a grant program; Interest rates are 3.75% for “for profit” businesses and 2.75% for non-profit businesses; Loan terms could […]

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HHS Announces 60-Day Grace Period for Provider Relief Fund Reporting for Period 1 and New Phase 4 – General Distribution

September 14, 2021

HHS Announces 60-Day Grace Period for Reporting Period 1 The September 30, 2021 Reporting Period 1 deadline has not changed. However, in response to challenges providers are facing given the Covid surges and natural disasters around the country, a 60-day Grace Period is in place. This period allows providers to come into compliance with their PRF reporting requirements should they fail to meet the September 30, 2021 deadline. The grace period ends November 30, 2021. For more information, visit Provider Relief Fund Reporting Requirements and Auditing. NEW: Phase 4 – General Distribution On September 29, 2021, health care providers will be able […]

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HHS Provider Relief Fund Online Reporting Portal Now Open

July 29, 2021

History, Compliance and Reporting Guidelines History of HHS Provider Relief Fund As part of the CARES Act, the federal government allocated $175 billion in payments to be distributed, through the Provider Relief Fund (“PRF”), to hospitals and healthcare providers on the front lines of the coronavirus response.  Qualified providers of healthcare, services, and support were eligible to receive PRF payments for healthcare-related expenses or lost revenue due to COVID-19.  If providers comply with the terms and conditions of PRF pursuant to “post-payment reporting requirements”, then PRF payments do not need to be repaid to the federal government. With respect to […]

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SBA Announces Guidelines on Restaurant Revitalization Fund (“RRF”)

April 21, 2021

At Gettry Marcus CPA, P.C. we continue to stay up to date on the recent developments regarding the relief efforts put forth by Congress with respect to the COVID-19 pandemic. This past March, the SBA announced a new relief fund called the Restaurant Revitalization Fund program (“RRF” or the “Program”).  The RRF is a $28.6 billion dollar grant that provides funding for hard hit restaurants and bars. This fund is a component of the American Rescue Plan Act, which is a $1.9 trillion stimulus package signed into law by President Biden. This past Saturday, April 17, 2021 the SBA published a Program […]

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SBA To Enact Restaurant Revitalization Fund (“RRF”)

March 24, 2021

At Gettry Marcus CPA, P.C. we continue to stay up to date on the recent developments regarding the relief efforts put forth by Congress with respect to the COVID-19 pandemic. Recently, the SBA announced a new relief fund called the Restaurant Revitalization Fund (“RRF”), which will be available for certain business entities in the near future. The RRF is a $28.6 billion dollar grant that provides funding for hard hit restaurants and bars. This fund is a component of the American Rescue Plan Act, which is a $1.9 trillion stimulus package signed into law by President Biden. Summary of RRF […]

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HHS Delays Provider Relief Fund Reporting Deadline and Issues Updated Post-Payment Reporting Requirements

January 21, 2021

Delay in First Reporting Deadline On January 15, 2021, HHS opened their portal for Provider Relief Fund (“PRF”) reporting registration only and extended the first reporting deadline of February 15th. While HHS has not announced the new reporting deadline, we advise all recipients of PRF funds to register on the Reporting Portal in order to receive e-mail updates from HHS. These updates will alert you when you can begin the online reporting process and also the updated deadline to file for the first reporting period. Updated Post-Payment Reporting Requirements On January 15th, HHS also announced new HHS Guidance for post-payment reporting. […]

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Getting Back to Business: The Role Cash Flow Budgets Play in Obtaining Bank Financing

September 2, 2020

It is clear that most businesses felt the financial impact of the pandemic during the last few months and are now experiencing the stress of getting their businesses up and running again. While PPP loans and SBA disaster loans helped businesses through the roughest months of the pandemic, now the PPP funds have likely been used up and the SBA loans will have to be repaid. Businesses have to re-hire employees, re-stock inventory, and generally start to incur significant expenses as they return to what they believe will be a more “normal” and profitable level of business. However, the funds needed […]

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Business Interruption Insurance Update

August 19, 2020

In a recent article, Gettry Marcus described the hurdles that the policyholder will most likely face regarding the consideration of a business interruption claim due to COVID-19. Insurance carriers are quick to point out that business losses arising from COVID-19 are not due to a “direct physical loss” or “direct physical damage” to the business property, hence no coverage.  In an August 12, 2020 ruling, a Federal Judge in the Western District of Missouri is allowing a business interruption lawsuit, involving a group of hair salon and restaurant owners, to proceed. This despite wording in the policy stating that direct […]

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Getting Back to Business: Business Interruption Insurance For The Professional Service Firm

June 29, 2020

As our professional service firm clientele begin to return to some semblance of normalcy, we are being asked for advice as to the protocols for submitting a business interruption insurance claim. Whether our client be a law firm, engineering firm, architectural firm, or other professional service firm, the methodology used in quantifying lost profits is similar. In our recent article, Gettry Marcus described the hurdles that the policyholder will certainly face regarding the consideration of a business interruption claim due to COVID-19. Insurance carriers are quick to point out that business losses arising from COVID-19 are not due to a […]

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