Restaurant Revitalization Fund
This program provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19. The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
Arkansas Executive Orders
Arkansas Governor Asa Hutchinson signed three new Executive Orders on June 15, 2020 related workman's compensation, access to healthcare during COVID-19, and protecting Arkansas businesses from liability related to COVID-19. You can read each of the Executive Orders below:
Click here to read EO 20-33: For the Purpose of Protecting Arkansas Businesses from Liability Related to COVID-19
Click here to read EO 20-34: For the Purpose of Ensuring Access to Healthcare During COVID-19
Click here to read EO 20-35: For the Purpose of Clarifying Worker's Compensation Law
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed by President Trump on March 27. The timely implementation is critical to millions of small businesses and self-employed Americans across the nation. See the Coronavirus Emergency Loans Small Business Guide and Checklist prepared by the U.S. Chamber of Commerce.
Small Business Administration Paycheck Protection Program (PPP)
From the office of NLR Economic Development for immediate release (2/22/2021):
President Biden's administration increases lending to small businesses in need, announces changes to the Paycheck Protection Plan to further promote equitable access to relief. The key points to consider:
-Instituting a 14 day period, starting Wednesday Feb 24th, during which only businesses with fewer than 20 employees can apply for relief through the program
-Help sole proprietors, independent contractors, and self-employed individuals receive more financial support.
-Consistent with a bipartisan bill, eliminate an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief through the Paycheck Protection Program.
-Eliminate an exclusionary restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief through the Paycheck Protection Program.
-Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers (ITINs) to apply for relief.
For more details see the fact sheet.
The US Small Business Administration has released a loan forgiveness application for any businesses that received a PPP loan. To apply for forgiveness of your PPP loan, you (the Borrower) must complete this application as directed in these instructions, and submit it to your lender (or the lender that is servicing your loan). Borrowers may also contact their lender directly to complete this form.
Click here to access the application and worksheet.
The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:
US Chamber of Commerce PPP Forgiveness Guide
The U.S. Chamber published a new Paycheck Protection Program Guide to Forgiveness. Like our previous guides, this document provides businesses with an easy to understand explanation of what they need to do to apply for forgiveness of their PPP loans. Please note, this guide will be updated as new guidance is issued by the Dept. of the Treasury.
You can access the US Chamber's PPP Forgiveness page by clicking here.
You can download the guide directly by clicking here.
The US Chamber of Commerce has released a new information website and downloadable information on Unemployment Insurance under the CARES Act, Health Coverage Options, and a resource on OSHA's Response to Workplace Safety and Coronavirus Exposure. You can access these pages by clicking below.
Small Business Paycheck Protection Program
The Senate passed a nearly $500 billion coronavirus "Phase 3.5" relief bill that would replenish the small business rescue program known as the Paycheck Protection Program (PPP), provide hospitals with another $75 billion and implement a nationwide virus testing program to facilitate reopening the economy. We will keep this page updated with the latest information as it becomes available.
As part of the CARES Act a program called the Small Business Paycheck Protection Program (PPP) allows for businesses to receive traditional loans that can be converted into forgivable loans under certain circumstances. The following links have additional information on the PPP.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a $2.2 trillion relief package that will provide loans to small businesses, direct financial checks to many Americans, expanded unemployment insurance and much more. Chamber members Friday Eldredge & Clark LLP has issued guidance for businesses on the CARES Act:
Small Business Administration Resources and Programs
The Small Business Administration has a variety of programs designed to assist businesses impacted by the COVID-19 virus. You can speak directly to an SBA representative by calling (800) 621-3362 or click the links below for more information.
SBA Express Lending
This is a program through SBA that matches companies with SBA-approved lenders based on needs. Quicker turnaround for more immediate needs. Loan program through a private lender.
Other Resources and Programs US Chamber of Commerce
The US Chamber of Commerce has created a resource page for small businesses that explores alternative funding options for businesses impacted by COVID-19. You can click the link below to access this information.
State of Arkansas Funds
Governor Hutchinson has allocated $16 million in funds to help Arkansas small businesses reduce the economic impact brought about by the COVID-19 virus. You can apply by calling 501.682.1121 or by e-mailing COVID19.businessinfo@ArkansasEDC.com.
Quick Action Loan Program