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Small Business Administration (SBA) Program Updates

Restaurant Revitalization Program

SBA is awarding funding through the Restaurant Revitalization Program to restaurants, bars, and other similar places of business that serve food or drink. The purpose of this funding is to provide support to eligible entities that suffered revenue losses related to the COVID-19 pandemic.

There are three ways to apply for the Restaurant Revitalization fund.

1. Through a recognized SBA Restaurant Partner - The SBA developed partnerships with multiple recognized technology companies that provide software, hardware & payments services to the restaurant industry to help ensure wide and equitable distribution of relief. These partners are referred to as SBA’s Restaurant Partners or SBA’s Point-of-Sale (POS) Restaurant Partners.

2. Through SBA directly at restaurants.sba.gov

3. Telephonically at (844) 279-8898

Please click for more information on the Restaurant Revitalization Program.

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SBA Stimulus provisions

If you are thinking of buying a building for your business or expanding your business, now is a great time!   Congress has approved stimulus provisions for the SBA 7a and SBA 504 loan programs so all borrower paid guarantee fees are waived.  Borrowers may also qualify to have SBA make the first 3 payments for the new loan.  And the bank receives an increased guarantee of 90%  (normally 75%) on a 7a loan. These provisions are good for new loans that originate before September 30, 2021 - provided funds are available. Apply now as we expect these funds may run out in July.

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PPP Forgiveness for $150,000 and Under

A quick reminder for those clients with PPP loans under $150,000.  Please check your email (original loan signer's email only) to for a DocuSign email with Form 3508S - the loan forgiveness application form.

We have pre-filled in much of the information needed on this form (Business Name, Loan Amount, Loan Numbers, NAICS Code, etc.). You will need to be prepared to fill in certain information (Employees at Time of Forgiveness Application, Amount of Loan Spent on Payroll Costs, Requested Loan Forgiveness Amount, etc.) and certify by initialing and signing the form electronically.

PPP borrowers with a loan of $150,000 or less will only have to complete and sign this one-page certification form that was developed by the SBA. No documentation will be required to be submitted to the Bank; however, the business must retain certain payroll and expense documentation in case the SBA audits the forgiveness application at a later date.

If you have not received this email or accidentally deleted it; please contact Mark Petit, SVP, Operations Manager, SBA Lending Division at mpetit@meadowsbank.bank.

 


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