While brewing company Gordon Biersch has had a presence in San Jose for 30 years, it now looks like they will be able to stay in the same location for decades to come. Gordon Biersch Real Estate Holdings just purchased the 3.1-acre property with a 110,000 s.f. building where the brewing company’s primary operations and restaurant are currently located at […]Read More
Payment Subsidies for 3 Months
Under the stimulus bill recently passed by Congress, all new SBA 504 loans approved between February 1 and September 30, 2021 will have their SBA loan payments paid by the SBA on their behalf for the first 3 months upon funding (up to $9,000 per month per loan).
Temporary Fee Waivers
For all new SBA 504 loans approved before September 30, 2021, the following fees are waived:
- 0.5% Third Party Lender Participation Fee (charged on the bank’s portion of the loan)
- 1.5% CDC processing fee (charged on the CDC’s portion of the loan)
Improvements to the SBA 504 Refi Loan
The recently passed stimulus bill includes several improvements to the SBA 504 Refi Loan, including broader eligibility guidelines, improvements to cash-out guidelines, and the following enhancements:
- Qualified debt to be refinanced must be a minimum of only six months old, instead of two years old
- Fee waivers and six months of payment subsidies, as described above
Official Application & Guidelines Released
3 Things to Know About the Restaurant Revitalization Fund (RRF)
1. Get the program details.
Get the program details such as eligibility, funding amount, allowable use of funds, and more. If you haven’t already, sign up for RRF email updates.
2. How to prepare.
Currently, SBA is not accepting applications for RRF. However, you can prepare your application by reviewing the sample application, program guide, and cross-program eligibility chart on SBA COVID-19 relief options. You will be able to apply through SBA-recognized Point of Sale Restaurant Partners or directly via SBA in a forthcoming online application portal.
3. When to apply.
The official application launch date will be announced shortly. Ahead of the application launch and over the next two weeks, the SBA will establish a seven-day pilot period for the RRF application portal and conduct extensive outreach and training on how to apply, application requirements, and where to apply. Participants in this pilot will be randomly selected from existing PPP borrowers in priority groups for RRF and will not receive funds until the application portal is open to the public.
Following the pilot, the application portal will be opened to the public. For the first 21 days that the program is open, the SBA will prioritize reviewing applications from small businesses owned by women, veterans, and socially and economically disadvantaged individuals.
Please note that this program is administered directly through the SBA, not Capital Access Group, and we are not able to assist with RRF applications. If you are receiving this email, we think this SBA program may be of interest to you, and as one of our current clients, we wanted to share this info with you as soon as we received it. Supporting your business during this unprecedented time is our top priority. Additional info and details can be found using the links above, or at sba.gov/restaurants.