Hello All,
Wanted to update folks on the PPP loans and their forgiveness, plus new legislation and guidelines for repayment.
NEW GUIDELINES FOR RESTAURANTS AND FUTURE LEGISLATION:
The treasury passed a ruling yesterday that allows for Restaurants and Bars to lower the 75% requirement for staff that won't or can't return to work. This means that business owners need to offer back jobs, in writing, and keep meticulous records of employee refusal.
Additionally, the association of restaurants and other small business groups are pushing to have the requirement lowered to 50% of pre-Covid payroll and extending the time period to spend the money from 8 weeks to several months as well as extending the repayment period to 10 years from 2 years. We will wait to see what the ruling is on those efforts and update you when we can.
Congress will begin debate on a fourth wave of relief next week, and I will update you as soon as we know more.
LOANS AND OTHER HELP STILL OUT THERE:
WILCO businesses can apply for an earmarked 25 million dollar grant here:
All businesses in Texas can inquire with The People Fund for low interest loans to weather this storm here:
https://peoplefund.org/covid-19-disaster-relief-funding-programs/
It's not too late to apply for the Facebook grants, but hurry, applications close on May 8th:
https://apply.facebook.ureeka.biz/prog/facebook_smb_4/
I HAVE MORE QUESTIONS, CAN I TALK TO KATIE?
Yes! My schedule is below and it is JAM PACKED. I'm getting lots of folks asking if I can talk to them sooner than my online availability. Unfortunately the reason you're not seeing any open appointments is because I don't have any. Please try to email and see if we can answer your questions that way in the meantime. Luckily we have several weeks to iron out the details. Just know that we value you and we are doing our best to give everyone the attention they need at this time.
If anyone is a member of HBA of Greater Austin I will be doing a webinar on Thursday May 14th at 3 on PPP forgiveness. I believe I can share it with all clients afterward, I will send out an email with a link after the webinar if that's the case.
In good health,
-Katie and the REV ATX TEAM