COVID-19 Resources: Government
ValueRock is committed to work together with its valued tenants and partners to find solutions to the challenges we are currently collectively facing. You will find here valuable resources, for reference and informational purposes only, from governmental and private sources that have been established to aid small and mid-sized businesses. Please visit this section regularly, as we will continue to provide updates as more resources become available.
We also have Japanese, Chinese, Vietnamese and Korean speaking CMTE members that are willing to assist you!
Federal, State and Local governments have established programs and are in the process of developing additional resources that may provide individuals and small and mid-sized businesses assistance to minimize the unprecedented economic impact of the novel Coronavirus Disease 2019 (COVID-19).
We recommend that you conduct your own research and diligence for any such programs that may become available for their respective applicability to your situation or business.
3rd Pandemic-Aid Bill Signed on March 11, 2021
President Biden’s American Rescue Plan was signed into action on March 11, 2021. This $1.9 trillion package seeks to continue to help individuals and businesses that have been negatively impacted by the pandemic.
PPP Covid-19 Relief Initiative Is Adjusted to Attract the Smallest Businesses
The Small Business Administration on March 3rd, 2021 released new guidance on the changes to the Paycheck Protection Program. It revamped the formula for calculating loans to sole proprietors and some other businesses, making the program more attractive to the smallest firms.
2nd Pandemic-Aid Bill Signed on December 27, 2020
The Paycheck Protection Program ends on May 31, 2021. All eligible entities can apply through a participating lender until then. On December 27, 2020, President Trump signed the $900 billion Pandemic-Aid Bill. The relief package comes exactly 9 months after the CARES Act bill was passed on March 27, 2020. This bill paved the way for millions of Americans and businesses to get economic relief as coronavirus surges across the country.
Second Draw PPP Loan (“Second PPP Round”) (Please note this information is subject to change)
Please note that guidance and regulations regarding this second round of PPP have not yet been issued as of 12/28/2020. Please contact your bank for more information as the guidance to administer the loan will most likely be similar to the guidance from the prior PPP.
1- Loan limit of $2M
Calculation based on taking average monthly payroll for 2019 and multiplying by 2.5
Thus this is in essence providing up to 2.5 months of payroll expenses
Restaurants and food businesses get a larger multiple of up to 3.5 or 3.5 months of pay
2- Qualifications required for small businesses:
300 or less employees
Businesses that have used or planned to use their original PPP funding
Here’s the new wrinkle: Companies have to certify they have had a loss of revenue of 25% or greater.
3- The Second PPP allows to use proceeds over 24 weeks for payroll, rent, and mortgage expenses
4- The Second PPP is forgivable as long as 60% of the loan is spent on payroll costs
The 1st and 2nd PPP loans will not be taxed upon forgiveness
To learn more please refer to the SBA Website
Here is another useful source for restaurant operators: Eater.com