GRA Weekly | April 25, 2021

GRA Weekly

April 25, 2021

This week's newsletter is brought to you by the UGA Small Business Development Center

RRF - POS SERVICE PROVIDERS

On Thursday, the Small Business Administration (SBA) released the names of the point-of-sale (POS) service providers that can be utilized for the Restaurant Revitalization Fund Grant applications. It appears that only two (Square and Toast) will actually support the submission of an application, but all will provide knowledge support and gross receipts documentation (Square, Toast, Clover, and NCR/Aloha).

Once the SBA begins accepting applications, eligible restaurants can apply directly with their POS service providers. While each POS provider is helping differently – such as building pre-packaged point-of-sale documentation – all POS systems listed are helping restaurant owners with their application submission process.

Full-Service Vendors providing application submission and automation for current customers: Square and Toast.

Participating Vendors providing supporting documentation and knowledge support for current customers: Clover and NCR.

While the SBA encourages applicants to utilize the POS system, applicants without access to point-of-sale service providers can still submit their applications electronically at restaurants.sba.gov.

Restaurant Revitalization Fund Important Links

SBA - Restaurant Revitalization Fund Website

Comprehensive website with information to help you understand the program details, how/when to apply, documents needed when applying, allowable use of funds and more.

SBA Form 3172

Restaurant Revitalization Funding Application Sample.

Frequently Asked Questions

This comprehensive document will answer your most common questions about eligibility, how to apply, documentation needed, and how much you might receive.

SBA RRF Program Guide

In-depth guide created and published by the SBA on April 17, 2021.

Form 4506-T

Request for Transcript of Tax Return, or Form 4506-T, is required to apply for an RRF grant application.

National Restaurant Association's RRF Website

Frequently updated with resources you need to know about the RRF grant process.

GRA EXCLUSIVE RRF WEBINAR

Restaurant Revitalization Fund: Is Your Business Ready?

Join the GRA on Wednesday, April 28 at 2:00PM - 3:30PM for an exclusive webinar with the UGA Small Business Development Center, GA Dept of Economic Development and GA Dept of Community Affairs to review the Restaurant Revitalization Fund (RRF) program, documents needed for applications, and how to apply for this critical federal assistance.

Wednesday, April 28, 2021 | 2:00PM - 3:30PM

IMPORTANT ERTC WEBINAR

A Look at the ERTC in the Second Half of 2021.

The American Rescue Plan Act now extends the Employee Retention Tax Credit beyond its scheduled expiration date of June 30, 2021. As a result, eligible employers will be able to claim the credit on qualified wages paid through December 31, 2021. Join us, April 27, 3:00PM ET, for an in-depth webinar to provide an overview of the existing credit plus additional information regarding how the credit was changed by the ARPA and the impact it might have on your taxes.

Tuesday, April 27, 2021 | 3:00PM

IMPORTANT TAX CREDITS

Tax Credits for Restaurants providing Employees paid leave to receive COVID-19 Vaccines

Eligible Employers.

An eligible employer is any business, including a tax-exempt organization, with fewer than 500 employees. An eligible employer also includes a governmental employer, other than the federal government and any agency or instrumentality of the federal government that is not an organization described in section 501(c)(1) of the Internal Revenue Code. Self-employed individuals are eligible for similar tax credits.

Paid sick and family leave for which tax credits can be claimed.

Eligible employers are entitled to tax credits for wages paid for leave taken by employees who are not able to work or telework due to reasons related to COVID-19, including leave taken to receive COVID–19 vaccinations or to recover from any injury, disability, illness or condition related to the vaccinations. These tax credits are available for wages paid for leave from April 1, 2021, through September 30, 2021. Read More.

See a helpful Snapshot here.

FUTURE OF TIPPING UNDER THE BIDEN ADMINISTRATION

The Future of Tipping Under the Biden Administration Webinar Recap

The Restaurant Law Center hosted a webinar on Thursday, April 22, addressing the ongoing efforts to modify the minimum wage and tip credit. Paul DeCamp, national chair of Epstein Becker Green's wage and hour practice and former Wage and Hour Administrator at the DOL, led the session.

View the presentation deck from the webinar.

RESTAURANT RESET WEBINAR SERIES

Part 4 of the Restaurant Reset Series focuses on Finding Capital, with two mini sessions: Financing Alternatives and Becoming Bankable.

Financing Alternatives for Small Business explains different non-traditional financing options, such as CDFI, Microlenders, equipment finance, seller finance and the myths and realities of grant funding, and how to pick the right financing options.

Becoming Bankable covers securing financing, regardless of source or type of business, requires detailed preparation. If the business is a restaurant, then multiply attention to detail by at least two. A food service plan presented to bankers, investors, friends and family will need to be sober, realistic and compelling. Session covers the process of putting together a sound financial plan. This course is a part of the Restaurant Reset series.

Financing Alternatives for Small Business Agenda:

Traditional vs Non-Traditional financing options
Alternatives Financing Options: CDFI, Microlenders, Equipment Finance, Seller Finance
The myths and realities of grant funding

Becoming Bankable

One-time costs
Revenue assumptions and gross profit margins
Recurring costs and benchmarks
Putting it all together

Tuesday, April 27, 2021 | 10:00AM - 11:00AM

REST IN PEACE

Restaurateur Charlie Niyomkul, 70, dies from COVID complications

AJC - Supichai “Charlie” Niyomkul developed a passion for the restaurant and hospitality industry early in life that was later equaled by his love of golf. The two enthusiasms intertwined to boost him into rare territory. He was a defining presence on the Atlanta restaurant landscape and a revered friend of professional golfers, including having catered one Masters golf tournament champions dinner. Charlie Niyomkul, 70, died April 5 from complications of COVID-19. A prayer ceremony was held at a Wat Buddha Bucha Buddhist temple in Decatur. Read More.