SBA released BIG NEWS over the weekend about the much anticipated Restaurant Revitalization Fund (RRF).
The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
Use the link below to go to the RRF web landing page.Restaurant Revitalization Fund Website
The Small Business Administration is launching a new round of Economic Injury Disaster Loan (EIDL) Advances – called Targeted EIDL Advance – which provides eligible businesses with $10,000 in total grant assistance.
If you received the EIDL Advance last year in an amount less than $10,000, and you meet the Targeted EIDL Advance eligibility requirements, you may be eligible to receive the difference up to the full $10,000. The combined amount of the Targeted EIDL Advance and any previously received Advance will not exceed $10,000.
Please review the eligibility criteria and application instructions below carefully before you proceed to the application portal for the Targeted EIDL Advance.
Businesses eligible for the Targeted EIDL Advance must meet ALL of the following eligibility criteria:
We recommend that you have a copy of your 2019 Federal Tax Return on hand to assist you in completing the Targeted EIDL Advance application questions. You will also be asked to confirm that the information provided in your original EIDL application is still accurate. If there are any changes, you may be asked to provide documentation in order to determine if you are eligible for a Targeted EIDL Advance. Applicants that pass the initial eligibility requirements will also be required to electronically sign an IRS Form 4506-T allowing SBA to obtain tax transcripts directly from the IRS before we can approve your request for the Targeted EIDL Advance.
SBA’s goal is to process all requests within 21 days of receiving a completed application. All application decisions will be communicated via email. Due to limited available funds for the Targeted EIDL Advance program, SBA will not be able to reconsider applications through an appeal process, so please make sure that your information is correct when submitting your application.
If your request is approved, you will receive an email notification and an ACH deposit to the bank account you provided in your application. It is very important that you double-check your bank account information carefully before submitting. Incorrect or incomplete information may result in an inability to approve your request or successfully disburse your funds.
If you have any questions regarding this application process, please contact 800.659.2955.FAQ - Targeted EIDL
The ‘Commitment to ReVive Vermillion’ initiative is a commitment from Vermillion Area businesses to practice key social distancing measures to keep our community safe during these current times.
The Commitment covers three key areas:
Participating businesses will sign onto the commitment and display the Commitment poster in their store window or entry way.
Members of the community will be able to provide feedback through a short survey or by emailing the VCDC.View Commitment poster
Experts discuss strategies and tools to create a positive and productive work environment — even if you can’t see your team every day.
Empathy, transparency and flexibility are critical to caring for your employees and keeping them engaged during the coronavirus pandemic.
Experts unpacked these three pillars of a successful company culture — both during a crisis and in the long term.
1. Make employee health priority No. 1 with policies, protocols, and one-on-one working input
2. Create a fun, empathetic and efficient work-from-home culture that serves employee needs and business goals
3. Embed flexibility into company culture
4. Have hard conversations with transparency, empathy and humility
5. Adopt best practices gleaned from the crisis
U.S. Secretary of Agriculture Sonny Perdue today unveiled a one-stop-shop of federal programs that can be used by rural communities, organizations and individuals impacted by the COVID-19 pandemic.
The COVID-19 Federal Rural Resource Guide is a first-of-its-kind resource for rural leaders looking for federal funding and partnership opportunities to help address this pandemic.Download the Rural Resource Guide here
The purpose of the Paycheck Protection Program is to help employers keep their employees on the payroll. The loans offered under the Paycheck Protection Program are forgivable – which means that a business may not have to repay some (or possibly all) of the loan. The SBA created a webpage dedicated to providing information regarding the Paycheck Protection Program. Here you will find program details, frequently asked questions and the program loan application.Visit SBA's Paycheck Protection Program Website