UPDATED: April 23, 2021
SBA RESTAURANT REVITALIZATION FUND
This program provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19. 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.
FUNDING - LOANS AND GRANTS
- Lake Minnetonka Business Grant
- U.S. Small Business Administration (SBA) guidance for employers – Links to information on small business products and loans, guidance on access to capital and the local assistance directory.
- U.S. Small Business Administration disaster loan application – Minnesota businesses now eligible as of Saturday, March 21.
- Forms to Fill Out FIRST. Here's a list of documents you'll need to provide to complete the application:
- SBA Form 5 or SBA Form 5C for sole proprietorships – SBA loan application
- IRS Form 4506T – Tax Information Authorization for the applicant, principals and affiliates.
- Complete copies of the most recent Federal Income Tax Return.
- SBA Form 2202 – Schedule of Liabilities.
- SBA Form 413 – Personal Financial Statement.
- SBA Form 1368 – Monthly sales figures
- SBA Guide to Economic Injury Disaster Loans – download forms to apply, and more.
- Have questions about these loans, please watch this video to answer some FAQs.
- Congressional summary of CARES Act for Small Businesses
- Coronavirus emergency loans small business guide and checklist from the U.S. Chamber of Commerce
- SBA Economic Injury Disaster Loan Program (EIDL) guide from the U.S. Chamber of Commerce
- Guide to the Employee Retention Tax Credit for COVID-19 impacted employers from the U.S. Chamber of Commerce
- How the U.S. Treasury Department is taking action on COVID-19
- Tax Savings Opportunities from the CARES Act by CliftonLarsonAllen
- DEED guide for small businesses on how to navigate state and federal COVID-19 assistance
- Paycheck Protection Program (PPP) – SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
- FAQ from U.S. Department of Treasury Paycheck Protection Program
- Guide to PPP Loan Forgiveness from the U.S Chamber of Commerce
- PPP Loan Forgiveness: A Step-By-Step Explainer video from the U.S. Chamber of Commerce
- COVID-19 Federal Rural Resource Guide from the U.S. Department of Agriculture
- Guide to the Main Street Lending Program from the U.S. Chamber of Commerce
- Federal Reserve Board expands Main Street Lending Program: Allows more small and medium-sized businesses to be able to receive support
- December 21 COVID-19 federal relief bill small business summary from the Small Business Committee
- Guide to Small Business COVID-19 Emergency Loans - What small businesses need to know about the new pandemic relief package – Changes to PPP and more from the U.S. Chamber of Commerce
- What does the federal relief package mean for Minnesota unemployment insurance - FAQ from DEED
- How to Get Your PPP Loan Forgiven from the U.S. Chamber of Commerce
- PPP First Draw Loans for first time program participants from the Small Business Administration
- PPP Second Draw Loans beginning January 13, 2021 for certain businesses who have previously received a PPP loan from the Small Business Association
- COVID-19 Economic Injury Disaster Loans from the Small Business Administration. This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue.
- Shuttered Venue Operators Grant - Emergency assistance throught the SBA for eligible venues affected by the COVID pandemic. Applications open Thursday, April 8, 2021.
- What You Need to Know About Restaurant Revitalization Fund Grants from the U.S Chamber of Commerce