Covid-19 Financial Resource Updates – Small Business Grants

Shuttered Venue Operators (SVO) Grant – The SBA grant application is now open for eligible businesses, including operators of live venues, motion picture theaters, museums, zoos, aquariums, and others.

  • Businesses must have been in operation as of February 29, 2020.
  • For an eligible entity in operation on January 1, 2019, grants will be for an amount equal to 45% of their 2019 gross earned revenue OR $10 million, whichever is less.
  • For an eligible entity that began operation after January 1, 2019, grants will be for the average monthly gross earned revenue for each full month you were in operation during 2019 multiplied by six (6) OR $10 million, whichever is less.
  • Venue or promoter who received a PPP loan on or after December 27, 2020, will have the SVOG reduced by the PPP loan amount.

Wisconsin Tomorrow Small Business Recovery Grant – This grant program will award $420 million to small businesses impacted by the COVID-19 pandemic through a collaboration between the Wisconsin Economic Development Corporation (WEDC) and the Department of Revenue (DOR).

  • The new grants, which will be funded by the American Rescue Plan Act (ARPA), are intended to support those businesses, including those started in 2020, who were hardest hit by the pandemic.
  • Information on how and when to apply will be posted on this DOR website.

Restaurant Revitalization Fund applications will open Monday, May 3, 2021 at 12pm ET. You can begin registering for the grant application portal this Friday, April 30th after 9am ET. We encourage you to register on Friday and submit your application on Monday. The portal website will be restaurants.SBA.gov. We suggest bookmarking this page now for use on Friday and Monday. 

For the first 21 days that the program is open, the SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. All eligible applicants are encouraged to submit applications as soon as the portal opens. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.

To prepare to apply, visit the SBA’s page at SBA.gov/restaurants and refer to the resources below to learn more. 

For assistance preparing your application, you can access the following:

 

Resources:

Video Town Halls Recordings:  

  • April 13th with guests from the SBA: We shared the latest on the application process for the Restaurant Revitalization Fund. The IRC was joined by guests from the SBA, including Associate Administrators Patrick Kelley and Julie Verratti, and IRC members Nya Marshall (IVY Kitchen, MI), and Caroline Styne (Lucques Group, CA). View it linked here and below.
  • March 23rd with Baker Tilly: We hosted a round table discussion with leading advisory, tax and assurance firm Baker Tilly about the restaurant relief grant program, including eligibility and steps restaurants can take to be prepared for applications. We also discussed the Employee Retention Tax Credit and other programs restaurant businesses can leverage going forward. View it linked here and below.
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