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-19: Loans
COVID EIDL LOAN UPDATES
October 8, 2021At 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 […]
More [+]SBA Announces Guidelines on Restaurant Revitalization Fund (“RRF”)
April 21, 2021At 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 […]
More [+]PPP Loan Application Deadline Extended to May 31, 2021
March 31, 2021At Gettry Marcus CPA, P.C. we continue to stay apprised as to the status of the Paycheck Protection Program (“PPP”) loan updates as provided by the U.S. Treasury. On March 30, 2021, President Biden signed the PPP Extension Act, which extends the application process for first draw and second draw PPP loans through May 31, 2021. Originally the deadline to apply for a PPP loan was March 31, 2021. Indications from the federal government are that an estimated $88 billion dollars in PPP funds remain available to qualifying businesses. If you would like additional information, please contact Gabe Shurek or […]
More [+]SBA To Enact Restaurant Revitalization Fund (“RRF”)
March 24, 2021At 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 […]
More [+]HHS Delays Provider Relief Fund Reporting Deadline and Issues Updated Post-Payment Reporting Requirements
January 21, 2021Delay 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. […]
More [+]WEBINAR: Paycheck Protection Program as Amended by the Economic Aid Act
January 11, 2021Gettry Marcus CPA, P.C. presented Paycheck Protection Program as Amended by the Economic Aid ActIncluding Guidance and Planning for PPP 2, the Employee Retention Credit, and Updates on PPP Loan Forgiveness Friday, January 15, 2021 | 10:00 a.m. – 11:00 a.m. Join Gettry Marcus, CPA, P.C. and Campolo, Middleton & McCormick, LLP for our continuing webinar series on the recently passed Economic Aid Act (“EAA”), which has amended the Paycheck Protection Program (“PPP”) and now includes an Employee Retention Credit (“ERC”). The EAA has provided updated guidance regarding the first round of PPP loans (“PPP 1”) and announced provisions with respect to […]
More [+]U.S. Treasury Releases FAQ #53
December 10, 2020At Gettry Marcus CPA, P.C. we continue to stay up to date on the recent developments regarding the Paycheck Protection Program (“PPP”), as provided by the U.S. Treasury. On December 9, 2020, the U.S. Treasury released FAQ #53, which impacts PPP loan borrowers who received $2,000,000 or more of PPP funds (following SBA aggregation rules). See the below excerpt from the U.S. Treasury’s PPP FAQ’s: 53. Question: Why are some PPP borrowers receiving a Loan Necessity Questionnaire (SBA Form 3509 or 3510)? Answer: As previously announced, SBA is reviewing all loans of $2 million or more, and other loans as […]
More [+]U.S. Treasury Introduces Loan Forgiveness Form 3508S
October 9, 2020At Gettry Marcus CPA, P.C. we continue to stay up to date on the recent developments regarding the Paycheck Protection Program (“PPP”), as provided by the U.S. Treasury. On October 8, 2020, the U.S. Treasury released an interim final rule regarding PPP loan forgiveness as well as the new PPP Loan Forgiveness Application Form 3508S. Recipients of PPP loans of $50,000 or less can utilize Form 3508S, except for those borrowers that together with their affiliates received loans totaling $2 million or greater. For example, if a PPP borrower received a $40,000 PPP loan for Company A and […]
More [+]CARES Act – Phase 3 of HHS Provider Relief Fund
October 7, 2020Key Provisions The U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), is providing $20 billion in new funding for providers on the frontlines of the coronavirus pandemic. Under this Phase 3 General Distribution allocation, providers that have already received Provider Relief Fund payments can apply for additional funding that considers financial losses and changes in operating expenses caused by the coronavirus. Providers can begin applying for funds on Monday, October 5, 2020. For eligible providers, the new Phase 3 General Distribution is designed to balance an equitable payment of 2 percent of […]
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