28 Apr

Posted at 15:42h in Advocacy, Business Development by
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Greater Mankato Growth participated in the U.S. Small Business Administration webinar on April 28th to learn more about the Restaurant Revitalization Fund and its application process. In short, the Restaurant Revitalization Fund will allow restaurants, bars, and other similar entities (a full list of eligible entities can be found here) to receive a grant that covers all lost revenue in 2020 compared to 2019. Please note special rules apply to entities that opened after January 1, 2019 or that still haven't opened. This blog post will first share how to apply and will then share additional details on the specifics regarding the program.

The SBA will open up the opportunity to create an account at restaurants.sba.gov this Friday at 8 a.m. Central Time by choosing "Register to start your application." Applicants are strongly encouraged by the SBA to create their accounts on Friday and not to wait until Monday. The opportunity to submit an application will open on Monday, May 3, at 11 a.m. Central Time. The SBA holds that the website is designed to support expected traffic with all restaurants submitting applications at that time. Applicants are strongly encouraged by the SBA to submit their application at the first possible minute. Additionally, applicants are encouraged to review all documentation at the SBA's webpage on the fund. Please note that a recording of the SBA webinar can be viewed at the end of the "How to Apply" section of this blog.

Edit: 4/29/2021 The SBA's Restaurant Program Knowledge Database serves as a growing list of FAQs that may answer questions that you have specific to your business.

How to Apply

The first step applicants should take is registering (creating a login account) at restaurants.sba.gov on Friday at 8 a.m. Applicants that plan to submit their application via the point of sale (POS) providers Square or Toast do not need to register. Entities utilizing Clover or Aloha should still register. The only requirement when registering on Friday is that applicants must have a mobile phone as a text will be utilized to verify the login.

It's key for applicants to to begin preparations ahead of the when the application process opens Monday May 3, at 11 a.m. Applicants can prepare by following instructions below, reading the program guide, having all documentation prepared in labeled PDFs, and completing the sample application. Applicants that have conducted this pre-work are expected to complete the application in roughly 25 minutes. The SBA encourages that restaurants that seek to apply should be prepared to submit their application in the first possible minute after the portal opens. The website currently handles more traffic than is expected on Monday and is not expected to crash.

15 Mar

Posted at 16:55h in Business Development by
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EDIT: April 20, 2021 - The SBA has launched their website on the Restaurant Revitalization fund and has released a program guide (PDF). A DUNS number or a SAM.gov account will no longer be required.

In our blog post on the small business support included in the American Rescue Plan, it was clear that the Restaurant Revitalization Fund (RRF) will be a key opportunity for many of our hardest-hit businesses to recover. It is not yet known when applications for the RRF will become available, with the SBA stating that it will take "weeks, not months." While full details of this program are not yet available, this blog post will dive deeper into what we know right now about the Restaurant Revitalization Fund, how it can be used, and how to prepare to take advantage of it. Click here to skip right to the section on how to prepare to apply.

What is the Restaurant Revitalization Fund?

As part of the American Rescue Plan, signed into law on March 11, 2021, Congress recognized the great burden placed on restaurants, bars, and other similar places of business with the creation of the Restaurant Revitalization Fund (RRF). This established a $28.6 billion fund that restaurants can use to cover up to all of their pandemic-related revenue losses. The amount is determined by subtracting 2020 revenue from 2019 revenue and providing a grant for the difference, minus any PPP loans received. For example, a restaurant that made $400,000 less in revenue in 2020 compared to 2019 and also received $100,000 in PPP loans would be eligible for a grant of $300,000. Separate calculations are used to cover businesses that opened in 2019, 2020, or haven't opened yet. These grants are not taxable and expenses covered by them can still be deducted as normal. Note: The RRF does not contain enough to cover all eligible restaurants without additional funding from Congress. As such, businesses eligible for a first or second draw PPP loan are urged to continue to take advantage of that despite the fact that it reduces the amount of the RRF grant.

12 Mar

Posted at 16:38h in Advocacy, Business Development by
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Today, Governor Walz announced reduced COVID-19 restrictions (Executive Order 21-11) for social gatherings, increases to business capacity limits, and increases to large venue capacity limits.

EO 21-11 FinalDownload

A summary was provided from the Minnesota Department of Employment and Economic development:

Effective Monday, March 15th, at 12:00pm (Noon): 

To make it easier to safely gather with family, we are doing the following: 

  • Social gatherings: Up to 50 people outdoors or 15 people for indoor gatherings, both without household limits. 
  • Religious services: Remove capacity limits but social distancing required.  

12 Mar

Posted at 14:58h in Advocacy, Business Development by
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This week, President Biden signed the $1.9 Trillion American Rescue Plan. This is the third major stimulus package passed by the Federal Government in response to the COVID-19 pandemic. While there has been much discussion about relief to individuals including a new round of $1400 stimulus checks & unemployment benefit extensions as well as increased funding for vaccine purchase & distribution, this blog post will focus on the relief programs impacting businesses including the creation of the Restaurant Revitalization Fund, expansions and changes to the PPP & EIDL loan programs, and expansions and changes to the Employee Retention Tax Credit Program. The full text of the law can be found here.

Restaurant Revitalization Fund

Edit: An updated post specific to the Restaurant Revitalization Fund & how to prepare for an application can be found here.

  • Restaurants, bars, & other elligible entities will be elligible to apply for a grant equal to 2019 revenue minus 2020 revenue minus PPP loans already received.
    • Businesses that opened in 2019 will determine their amount of grant eligibility by multiplying their average monthly gross revenue in 2019 by 12.
    • Businesses that opened in 2020 that experienced operating losses will be elligible for a grant under a similar formula that covers losses incurred.
    • Businesses that have not yet opened but that have already incurred payroll costs will be elligible for a grant that covers those expenses.
    • *Note: Formulas for determining grant eligibility for all three above categories may be modified via SBA guidance.

19 Feb

Posted at 10:52h in Business, Business Development, Membership, News by
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Operating your business safely during a pandemic

Conducting business activities amid the COVID-19 pandemic takes careful planning to ensure employees and customers are safe and business goals are met. Mayo Clinic experts have carefully developed strategies and protocols focused on mitigating COVID-19 within the health care setting, where halting transmission is critical. They are also currently tailoring those strategies to support and advise businesses in settings outside of health care.

Mayo Clinic has refined its expertise and may offer advisory services in the following areas, which may be relevant to your business:

12 Feb

Posted at 10:16h in Business Development, Events, Marketing, Membership by
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DownloadGreater Mankato Growth has partnered with Mayo Clinic Health System to offer Greater Mankato Growth’s Nonprofit Engagement Fund for memberships, programs, and events. This partnership was established to ensure nonprofit organizations and their staff can take advantage of the many benefits offered through Greater Mankato...

09 Feb

Posted at 11:21h in Business Development, Marketing, Membership by
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https://www.youtube.com/watch?v=HbjhN39dKIU

First National Bank Minnesota is a full-service financial institution headquartered in St. Peter, Minnesota, with banking offices in Mankato, St. Peter, Gaylord, and Belle Plaine. Our primary geographic market covers a large area in south central Minnesota, including Nicollet, Blue Earth, LeSueur, Scott, Carver, and Sibley counties.

Greater Mankato

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