While we heard from Governor Holcomb this week that Indiana is seeing a light at the end of the tunnel with this pandemic, we are not through it yet, and Washington is targeting more dollars for small businesses. Here are a few things you need to know:
- American Rescue Plan: Recently enacted by congress, this plan rolls out money that will be available to businesses. This extremely informative webinar with the US Chamber and National Restaurant Association unpacks the details. You will want to watch it right away.
- Restaurant Revitalization Fund: The SBA is working on the mechanism to roll out $23.6 billion through the Restaurant Revitalization Fund. This quick read from the National Restaurant Association bullets the details. While you wait for the application to be released, you need to do this if you intend to apply:
- Apply for a DUNS number – This is the first step through Dun & Bradstreet, and takes up to 2 days for your request to be processed. Get ahead of the game and do it now.
- Apply for registration through SAM.gov – After you have your DUNS number, create a user account to receive federal funding through this website. This is where the distributions will take place. This step can take up to 2 weeks. Get ahead of the game and do it now.
- Wayne County Restaurant Subsidy Program: The required percentage of revenue lost in order to qualify for the Wayne County Restaurant Subsidy Program has been reduced from 30% to 20%. If you haven’t already applied, see if you qualify and apply here. The program will be open until March 30th or until funds are exhausted.
- Payroll Protection Plan: We wanted to be sure you are the first to know that Congress just passed an extension of the Paycheck Protection Program (PPP) that allows small businesses and eligible non-profits to apply for PPP loans through May 31st. Don’t delay – contact your bank today before funds run out!
- Employee Retention Tax Credit: If your revenue for the quarter is off by more than 20%, you could qualify for the tax credit. Contact your CPA to inquire of your eligibility. This is a potential benefit you don’t want to leave on the table.
Encourage your employees to take advantage of Saturday’s Johnson & Johnson vaccine clinic through the Wayne County Health Department. Share the below image with all the details. Let’s get through this pandemic and get fully back to business!
Wayne County Area Chamber of Commerce