The pandemic hasn’t been kind to any business, but one of the hardest-hit segments has been the restaurant industry. Add to that the different regulations in cities and states across the country, owners have been struggling to keep their business running. By establishing a $28.6 billion Restaurant Revitalization Fund (RRF), the American Rescue Plan looks to help the industry as the light at the end of the pandemic tunnel keeps looking brighter.
In this week’s roundup, the SBA Announces Official Restaurant Revitalization Fund Application and Guidelines article shows how restaurateurs can apply for the funds in the rescue plan. This time around the SBA says the application process for the RFF is intentionally streamlined and free of burdensome and bureaucratic hurdles.
On the brighter side, SBA crafted the guidelines for the program after collaborating with independent restaurant and bar operators in the US. The funding will provide up to $10 million per business and no more than $5 million per physical location.
This is one of the stories you will find in this week’s roundup that affect small businesses directly. Another article directly related to the pandemic is 57% of US Small Businesses Now Fully Reopened After COVID Restrictions Eased. You can find these many other articles on the roundup and SBT.
Small Business News Roundup – April 23, 2021
This week’s roundup has more articles on how to keep your small business running.
Tax Credits Available to Employers Giving Paid Time Off for Employees to Get Vaccinated
The Biden administration is offering tax credits to businesses that offer paid time off to employees so they can get their COVID vaccine when it’s available to them. Find out more on the deduction.
Employees Planning to Quit Work Less
Employees who are poised to quit their job demonstrate, on average, greater volatility to the start and end of their working days compared to employees who are staying in a job. Reduced working hours typically rear their head during the three weeks prior to a member of staff leaving an organization.
Bank Approvals for Non-PPP Loans Increase Slightly
Loan approval rates for small businesses are increasing slightly. The uptick in lending of non-PPP loans to small businesses was unveiled in the latest Biz2Credit Small Business Lending Index based on March 2021 figures. Since mid-January, Biz2Credit has been a leading processor of PPP applications in the US. The amount of lending by big banks increased to 13.5% in March 2021.
57% of US Small Businesses Now Fully Reopened After COVID Restrictions Eased
Following the easing of COVID restrictions, more than half (57%) of small businesses are now fully reopened. This welcoming news was uncovered by Kabbage, an American Express Company, in its Small Business Recovery report. The report tracks the recovery of small businesses in the US throughout 2021, as they rebound from the crisis.
New Data Shows How American Workday is Getting Longer
Are workday hours changing? How does that affect productivity? According to a survey by Prodoscore Research Council, they are. Prodoscore’s data found that the average workday went from 8:24 a.m. until 5:30 p.m. in 2020 to 7:46 a.m. until 6:12 p.m. in 2021.
With Work From Home, Some Office Taboos Are No Longer True
There have been long-standing taboos in a traditional office environment; for example, don’t talk about religion or politics and don’t have a romantic relationship with someone you work with at your company.
UPshow Promises More Engaged Customers for Restaurants and Sports Bars
Now bars and restaurant owners can use their smartphones to customize and control the messages patrons see on in-house TV screens. UpShow is the newest innovation in interactive marketing. Small Business Trends contacted John Kirk, COO, Joe Hand Promotions, to learn more. “UpShow transforms TV screens into an engaging digital experience,” he writes.
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The grant amount is calculated by taking your eligible expenses and subtracting the gross receipts. This means that for businesses that opened after 2019 to be eligible for an RRF grant, they must have operated at a loss