Helpful News and Links on COVID-19

We realize how important it is for you to be presented with the most accurate and up-to-date information available on COVID-19 government assistance programs. So we’ve gathered the following useful resources to help you find the appropriate assistance to meet the needs of your business during this time.

ARF Financial COVID-19 Recovery Webinar- 7 Steps To Your Restaurant’s Comeback-
This webinar has passed but you can view the recording here.

As restaurants start to reopen and the industry drastically changes, it is crucial to have a plan in place to rebuild your business. Darren S. Denington, President at Service with Style, will share 7 important steps to help guide you through the critical areas that you should focus on such as staffing, marketing strategies, and selecting how and when to reopen as well as how to address the concerns of your guests. Join us on Tuesday, June 2nd, 2020 at 11am EST. Register today!

ARF Financial $10,000 F.I.G.H.T. COVID-19 Grant- CLOSED

The Financing Innovation to Guarantee a Hopeful Tomorrow (FIGHT) Grant Program will provide much needed assistance to local restaurants to help them overcome the financial impact of closures and the reduced capacity limitations required to slow the spread of COVID-19. Read more about the grant here.

Payroll Protection (Loan) Program

Need assistance to maintain payroll, pay rent, utilities, mortgage and other interest payments? The PPP will be open for submittal to all banks and SBA lenders starting on April 3 through June 30.

This loan will have a very low-interest rate, no fees to the borrowers, no personal guarantees and no income verification. All that will be required is certification that the loan will be used for the permitted purposes. This loan can also be forgiven for rent, utility, mortgage, and other debt interest and most payroll expenses paid out in the 8 weeks after the loan funds. More information on this program can be found here.

Payroll Protection Program Forgiveness Amendment

 On May 13, 2020 the SBA and Department of Treasury released an amended the PPP’s FAQ for the Payroll Protection Program that has business owners across the U.S. sighing a sigh of relief. Loans less than $2 million dollars and that meet other set criteria for how to use the funds will be forgiven under the “good faith” clause which was added to question 39 and also addressed in question 46 as well. All loans eligible for forgiveness must complete a loan forgiveness loan application and submit it to your lender (or the Lender that is servicing your loan).

Payroll Protection Program Round 2

The PPP resumed on April 27, 2020 with a new fund of $310 billion in funds available to loan to businesses affected by COVID-19. As of May 20, 2020 they have approved $512 billion out of the combined $659 billion fund between Round 1 and Round 2. There is still time to apply and receive assistance through this program.

 

The CARES Act- Coronavirus Stimulus Package

Curious about the recently approved $2 Trillion Omnibus CARES Program? This website has an excellent summary of what it includes.

SBA Debt Relief for Small Business Owners

SBA Covid 19 Loan Relief Programs– This page includes Economic Injury Disaster Loans and SBA 7A Express Loans.

Loan Relief for Small Businesses in California and New York

Checklist for California employers currently dealing with Covid-19.