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.Read More
Streamlined Loan Forgiveness
July 19, 2020
More good news for our small and diverse business members:
A broad coalition of trade associations including the American Bankers Association is working with Senators Bill Cramer (R-N.D.) and Bob Menendez (D-N.J.) and Representative Krysten Sinema (D-Ariz) on a bipartisan bill that would expedite the PPP Loan forgiveness process for small businesses who borrowed less than $150,000.
The proposed streamlined process will require borrowers to complete a single page forgiveness document consisting of one question. It asks borrowers to affirm the funds were used according to PPP guidelines.
As Covid-19’s economic impact continues, the Federal Reserve is injecting financial assistance to help businesses to stay afloat, ride the storm and make it out of this difficult time. The Main Street Lending Program is created to support lending to small and medium-sized businesses that were in sound financial condition before the onset of Covid-19. A total of $600 billion is available for qualified institutions to lend to eligible borrower. Together with the U.S. Department of the Treasury, both will facilitate lending support to nonprofit organizations through qualified lenders. The Federal Reserve is creating the infrastructure to fully operationalize the program. Details can be found here.
We hope that you find this information useful and will use the programs if you qualify. Stay connected.
In safety and health,
Susan Au Allen
National President & CEO
Most entrepreneurs dream of scaling their business. However, scaling your business is not a walk in the park. Along the way, you’ll face a lot of competition and challenges that might hinder your business growth plans. In this post, we’ve listed below some tips to help ensure the success of your expansion plans.Read More
We have a plan and a calendar of events for the new year, built on the foundation of a super active 2020 which, despite Covid-19, concluded with a very strong close in December. Our experiences and accomplishments these past 10 months further bolstered the foundation for our work in the future, especially helping small businesses recover from the health and economic disruptions of the pandemic.Read More