Nighttime businesses: Take action to receive pandemic recovery assistanceThe 24HourDallas Economics Team encourages all eligible nighttime operators in Dallas to take advantage of support offered through the COVID-19 stimulus bill that President Joe Biden signed into law March 11. Our vibrant nighttime economy depends on it. The $1.9 trillion rescue plan adds $7.25 billion to the Paycheck Protection Program (PPP) and expands eligibility to small businesses and others hurt by the pandemic, including more nonprofits. The American Rescue Plan also includes a $28.6 billion grant program to provide direct aid to restaurants. And it provides another $15 billion the Shuttered Venue Operators Grant program that helps concert venues, museums, and theaters that were forced to close due to COVID restrictions—and allows those businesses to apply for the grant and a PPP loan. Paycheck Protection ProgramThe Paycheck Protection Program provides loans to help businesses keep their workforce employed during the coronavirus crisis. Borrowers may be eligible for PPP loan forgiveness. The Small Business Administration is currently offering PPP loans until March 31, 2021. Restaurant Revitalization Fund An eligible business may receive a tax-free federal grant equal to the amount of its pandemic-related revenue loss. The amount would be calculated by subtracting its 2020 gross receipts from its 2019 gross receipts. Eligible entities include a restaurant, food stand, food truck, food cart, caterer, saloon, inn, tavern, bar, lounge, brewpub, tasting room, taproom, and more. The Small Business Administration will soon begin to take applications. Shuttered Venue Operators GrantEligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees. The Small Business Administration will begin taking applications April 8, 2021. |