Massachusetts Restaurant Association
EIDL Disaster Loans Delay
- On Friday, March 13, the SBA extended deferment periods for all disaster loans, including COVID-19 Economic Injury Disaster Loans, until 2022 (news release to post ASAP at www.sba.gov/newsroom
- All SBA disaster loans made in calendar year 2020, including COVID-19 EIDLs, will have a first payment due date extended from 12 months to 24 months from the date of the note.
- All SBA disaster loans made in calendar year 2021, including COVID-19 EIDLs, will have a first payment due date extended from 12 months to 18 months from the date of the note
Shuttered Venue Operators Grant
- Applications are slated to open in early April (no exact date yet)
- The preliminary application checklist was updated March 11 and FAQs were updated March 12
- NOTE: the American Rescue Plan Act amended the Economic Aid Act to allow those who applied for and received a PPP loan after Dec. 27, 2020, to also apply for a SVOG (FAQs have already been updated; others will reflect this ASAP)
Restaurant Recovery Fund FAQ
Q). Will I need to work with my bank to get RRF funds?
A). No, all RRF monies will be issued directly from the SBA
Q). What is a time frame for the RRF funds to be made available?
A). At this time, May or June seems like the earliest that funds will be made available.
Q.) Should I do anything now?
A). Bookmark this site:
https://restaurantsact.com/rrf/
You will find information, webinars and all important information as it becomes available.
Tax Day
The IRS and state officials have moved tax filing day until May 17.