County Business Report: 5.7.2021

Updated: May. 12, 2021 at 8:22 AM EDT
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PRESQUE ISLE, Maine (WAGM) -The Paycheck Protection Program, a key part in the federal government’s economic response to the coronavirus, is nearly out of funding. Only $8 billion remains in the program, which has distributed nearly $800 billion in forgivable loans since launching more than a year ago. But as Shawn Cunningham reports in this week’s County Business Report, there IS funding available for some small businesses.

Small business owners listen up. Funding is available for your enterprise. The U.S. Small Business Administration has begun taking applications requesting funding through the Restaurant Revitalization Fund. Nearly 29 billion dollars is now available, thanks to a loophole allowing the money to be distributed to restaurants and hotels that would generally not be considered small businesses.

Amy Bassett, Acting Regional Admin., New England Small Business Administration

“a brand new program that was created through the American Rescue Plan and there’s a total of 28.6 billion dollars in funding that is available and tis really designed for businesses that are not permanently closed and it includes businesses where the public gathers for the purpose of being served food and drink.”

Shawn Cunningham NO STANDUP

Bassett says throughout the pandemic its become widely evident how hard hit the restaurant and food hospitality business has been impacted. This funding is aimed at giving a much needed boost to that particular business sector.

“these are funds that do not need to be paid back there’s no forgiveness to be processed .”

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. Funds must be used for allowable expenses by March 11, 2023. And she says they’re making funding opportunities available for certain sectors within the restaurant industry...

“for the first 21 days while anybody can apply we’re only gonna be actively processing funding those applications from women owned businesses veteran owned businesses and certain socially and economically disadvantaged businesses.”

She says the program is aimed at making a public statement to the restaurant industry...that they’re pain has been felt and seen. And there is financial help available to get them back up & running...

“we’re just encouraging everyone to apply as quickly as possible.”

For more information on the program go to Shawn Cunningham, NS 8.

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