Darrens Restaurant

Main Menu

  • Home
  • Restaurant Credit
  • Restaurant Financing
  • Restaurant Loans
  • Restaurants Covid
  • Debt

Darrens Restaurant

Header Banner

Darrens Restaurant

  • Home
  • Restaurant Credit
  • Restaurant Financing
  • Restaurant Loans
  • Restaurants Covid
  • Debt
Restaurant Loans
Home›Restaurant Loans›More relief in sight for business owners – Daily Bulldog

More relief in sight for business owners – Daily Bulldog

By Lesia Robinson
May 7, 2021
0
0


Presented by Kirk Doyle, Financial Advisor to Edward Jones

Kirk doyle

If you own a business that has been affected by the COVID-19 pandemic, you may have received help from the government – or you may not. But in either case, you may be interested in new support opportunities.

President Biden signed a law extending the Paycheck Protection Program (PPP) application deadline from March 31 to May 31, 2021. So if you haven’t received a P3 loan yet – or even if you have it, and you are eligible for a “second draw” loan – you have another chance.

As you may be aware, a PPP loan can be fully canceled, including interest, if the loan proceeds are used for qualifying expenses such as staff costs (including benefits), mortgage interest, rent, utilities, operating expenses, property damage, supplier costs. and labor protection expenditure.

The recently enacted American Rescue Plan Act (ARP) also strengthens the PPP, providing $ 7.25 billion in additional aid and expanding eligibility for certain nonprofits and local digital news services. And other recent changes to the P3 program were designed specifically to help small businesses.

In addition to these PPP benefits, ARP includes other components that can help business owners, including the following:
Economic disaster loan (EIDL)
The ARP has allocated $ 15 billion to the Small Business Administration (SBA) to provide additional EIDL advances of $ 10,000 to qualifying businesses.
Sick and family leave tax credit
ARP extends sick and family leave tax credit until September 30, 2021, increases credit covered wages to $ 12,000 per worker (from $ 10,000) and extends number of days covered for workers autonomous at 60 (instead of 50). .
Subsidy program for closed site operators
ARP adds $ 1.25 billion to this program, which covers live theater operators or promoters, theater producers, operators of live performing arts organizations, theater operators and museums. , qualified zoos and aquariums. Businesses can now apply for a PPP loan and a Shuttered Venue grant.
Restaurant Revitalization Fund
Catering establishments have been particularly affected by the pandemic. To help the industry recover, ARP created the $ 28.6 billion Restaurant Revitalization Fund, which provides direct grants to restaurants and other eligible food operations.

To learn more about PPP loans, as well as the other programs mentioned above, visit the Small Business Administrations Coronavirus Control website at www.sba.gov/coronavirusrelief.

You can also contact your tax advisor to discuss other aspects of ARP that could affect you, such as employee retention credit. The ARP extended this tax credit until the end of 2021 and broadened it to include “recovery start-ups” that started operations after February 15, 2020 and have annual gross receipts of 1 million dollars or less.

Running a business is never easy and for many business owners this past year has truly presented an existential threat. We hope, however, that as widespread immunizations help bring the pandemic under control, we will soon see a return to more normal times. Until that day arrives, you may find that the latest relief measures can help keep you moving forward.

This article was written by Edward Jones for your local Edward Jones financial advisor. Edward Jones. SIPC member. Edward Jones, its employees and financial advisers cannot provide tax or legal advice. You should consult your lawyer or qualified tax advisor about your situation.

Printable version, PDF and email



Source link

Related posts:

  1. $24 billion USDA pandemic relief program failed to help most farmers
  2. Who is Rudolph Brooks Jr? Maryland pastor bought 39 cars, including Tesla, with fraudulent $ 3.5 million Covid PPP loans
  3. Ag FinTax Expands Financial Services Nationwide to Restaurants and Catering Companies Eagerly Expecting to Apply for Restaurant Revitalization Fund | state
  4. What to do when relief from COVID-19 cases is not enough
Tagsbusiness administrationbusiness ownerscovid pandemicpaycheck protectionprotection programrestaurant revitalizationrevitalization fundsmall businesses

Recent Posts

  • Restaurants ask Congress for sweeping fee relief
  • High dairy costs and weak sales give Dutch Bros heartburn
  • NJ businesses beleaguered by COVID are finding a new appetite for digital behaviors
  • Editorial: Chicago Tribune – Restaurants need help from their customers, not Uncle Sam | Opinion
  • After nearly 25 years, the world’s favorite Pomelo at Inner Sunset

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • August 2019
  • July 2019
  • June 2019
  • March 2019

Categories

  • Debt
  • Restaurant Credit
  • Restaurant Financing
  • Restaurant Loans
  • Restaurants Covid
  • Privacy Policy
  • Terms and Conditions