SBA Nebraska District Office Newsletter - Your Small Business Connection

Nebraska District Office  - April 2021

Your Small Business Connection

Vol 7

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BREAKING NEWS

The Restaurant Revitalization Fund application portal goes live on May 3rd!

RRF

 

The U.S. Small Business Administration's Restaurant Revitalization Fund (RRF) application period goes live at 11am CDT on Monday, May 3rd.

The RRF is designed to provide funding to help restaurants and other eligible businesses keep their doors open. Eligible businesses may receive funding equal to their pandemic-related revenue loss up to $10M per business and no more than $5M per location.

If you operate a restaurant, food stand/truck/cart, bar, saloon, lounge, tavern, snack/non-alcoholic beverage bar, bakery, brewpub/tasting room/taproom, brewery or microbrewery, winery or distillery, and/or an inn or catering business, you should learn more about how this program can help you.

There are three ways to apply beginning May 3rd:

  • Via the SBA's RRF Application Portal
  • Via your current and participating POS provider (Square and Toast are currently participating)
  • Via the Call Center at 1-844-279-8898

The SBA has updated information available on their website including a detailed Program Guide, a Knowledge Base for Q&A and a sample application.

Applicants should have their 2019 filed business tax returns, latest three months of bank statements and documents detailing gross receipts for 2019 and/or 2020.Such documents can be tax returns, point of sale reports and externally or internally prepared financial statements such as Income or Profit and Loss Statements. For those that do not have access to POS vendor reports, a Comfort Letter from an accountant or CPA is encouraged.

For the first 21 days that the program is open, the SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. However, all eligible applicants are encouraged to submit applications as soon as the portal opens. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.

Although the application portal does not open until May 3rd, applicants may register for an account starting at 8am CDT on Friday, April 30th.

 




Updates to the COVID-19 EIDL Program

eidl

More than 3.7 million businesses employing more than 20 million people have found
financial relief through SBA’s Economic Injury Disaster Loans, which provide low-interest emergency working capital to help save their businesses. However, the pandemic has lasted longer than expected, and many businesses need larger loans. Therefore, the SBA has made some updates to the EIDL program.

  • Effective April 7, 2021, the SBA raised the loan limit for the COVID-19 EIDL program from 6 months of economic injury with a maximum loan amount of $150,000 to up to 24 months of economic injury with a maximum loan amount of $500,000.
  • The Targeted EIDL Advance provides businesses in low-income communities with additional funds to ensure small business continuity, adaptation and resiliency. The SBA will reach out to eligible businesses via email.
  • The Supplemental Targeted Advance provides the smallest and hardest hit eligible businesses with a supplemental payment of $5,000 that does not have to be repaid. Businesses that received the Targeted EIDL Advance may be eligible for this Supplemental Advance. The SBA will reach out to eligible businesses via email.

Businesses can still apply for a COVID-19 EIDL loan here.

          



Contracting Corner

Beta SAM

The System For Award Management (SAM.gov) has updated its look! Check out the new design of beta.sam.gov. Users now have an enhanced search experience, new landing pages for each domain, and a centralized space for help and resources. The new look will help you quickly find the information you use the most while keeping the Workspace, Profile, Databank, Data Services, and Search functionalities you are familiar with the same.

Legacy SAM.gov will be integrated into the new beta.SAM.gov environment on May 24, 2021. GSA is asking users to provide feedback on the usability and functionality of beta.SAM.gov, so please feel free to share your comments with the feedback tool located at the footer of each page!

Lenders' Lounge

paycheck protection program

Have you applied for a Paycheck Protection Program loan yet? If not, the deadline is fast approaching! Whether you are applying for a First Draw PPP or the Second Draw PPP, the deadline to apply is May 31st! 

Have questions about PPP loan forgiveness? Check out the terms and timing to apply for forgiveness here. Remember, you will be applying for forgiveness directly with the lender, not the SBA.

Marketing Minute

Increasing your sales in 2021 is all about getting found online. According to research done by Google, 53% of shoppers say they always do online research before making a purchase - which means 100% of business owners want to make sure their businesses show up on the first page of a Google search!  So how do you make that happen? Follow these 7 Steps for Search Domination in this informative SCORE blog post!