Small Business Administration offering relief fund grants, tax credits for restaurants
As restaurants have struggled to stay afloat during the pandemic, there is another wave of financial assistance incoming. On May 3, the Small Business Administration began accepting applications for grant money under the Restaurant Revitalization Fund (RRF), and within 10 days, the SBA had given more than $2.7 billion to 21,000 restaurants nationwide.
Businesses can also take advantage of the employee retention credit, which gives eligible businesses a refundable tax credit up to $5,000. BPM’s Brett Hazlett explains, however, that some California restaurants may not be aware of the retention credit and are thus missing out on a potentially huge financial relief option, something Brett calls “a pretty big advantage.”
About Brett Hazlett
Brett has more than 20 years of progressive experience in the consumer, manufacturing, retail, nonprofit and pharmaceutical sectors. He is a highly accomplished, results-driven senior accounting and finance executive. He helps lead BPM’s Economic Recovery & Emergence Task Force, where he helps clients navigate the COVID-19 pandemic and the Paycheck Protection Program.
BPM for Corporate Finance Consulting
BPM has been assisting companies for over 30 years by drawing on the strength of a full suite of professional and industry expertise. Our team of professionals comes from a variety of backgrounds with just one goal: to restore and enhance the value of our clients’ businesses in every situation. Remember, change can happen fast. If BPM is engaged early in the process, our clients have the highest likelihood of success and of achieving peace of mind. Visit https://www.bpmcpa.com/Services/Corporate-Finance-Consulting/Business-Ownership-Transition to learn more.