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Building Upon the CARES Act
COVID-19 Relief Options – American Recovery Program (ARP)
On March 27, 2020, the President signed into law the CARES Act (Phase 2), which contained an additional $376 billion in relief resources for American Workers and small businesses.
On March 22, 2021, a new package was signed into law, called the COVID-19 Stimulus Package or American Rescue Plan. ARP is a $1.9 trillion economic stimulus bill which builds upon the measures in the initial CARES Act, and includes $28.6 billion for grants for restaurants and bars, $15 billion additional EIDL funding, $7 billion for the Paycheck Protection Program, and $1.25 billion for a Shuttered Venue Operators Grant (SVOG).
| *NEW* as of April 29, 2021
Restaurant Revitalization Fund (RRF) Registration begins Friday, April 30 – 9 a.m. EDT
Accepting Applications Monday, May 3 – noon EDT
The American Rescue Plan Act establishes a $28.6 billion Restaurant Revitalization Fund (RRF) within the SBA. An eligible business may receive a tax-free federal grant equal to the amount of its pandemic-related revenue loss, calculated by subtracting its 2020 gross receipts from its 2019 gross receipts.
* You should work with an accountant to prepare paperwork that clearly shows your gross revenue loss in 2020 as compared to 2019.
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*NEW* as of April 1, 2021
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*NEW* as of April 1, 2021
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*NEW* as of April 1, 2021
Shuttered Venue Operator Grant (SVOG) The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act.
The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance.
Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.
Eligible entities may be live venue operators or promoters, theatrical producers, live performing arts organization operators, museum operators, motion picture theatre operators, and talent representatives, per the Economic Aid Act.
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Updated August 26, 2020 Arizona Manufacturing Extension Partnership (MEP) has been working diligently to help Arizona manufacturers navigate the challenges and overcome the impacts of the COVID-19 pandemic. These efforts are being accelerated with a grant received through the NIST MEP Emergency Assistance Program. These funds will be used to subsidize services that directly support manufacturers’ ability to sustain operations and respond to the coronavirus.
Learn More: Arizona MEP Grant Program
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Updated October 5, 2020
Maricopa County Small Business Relief Program 2.0
The purpose of the new Grant Program is to support the continued viability of small businesses experiencing financial hardship due to the COVID-19 Pandemic.
Modification of the Small Business Assistance Program 1.0 operated from July 9 to July 31
*Pre-qualifications, required documents and exclusions apply
Application period Extented: August 17 –
Arizona Community Foundation (ACF) will provide additional information. Please visit their website at: https://www.azfoundation.org
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Updated August 17, 2020
*Businesses include gyms, fitness centers and studios, bars, water parks and other businesses as named in the Governor's Office Executive Order: 2020-43 Applications will be available Thursday, August 20, 2020 at 10 a.m. Local First Arizona Foundation will provide additional information. Visit their website: http://www.localfirstaz.com/azsmallbizrent |
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RAPID EMPLOYMENT JOB TRAINING GRANT The Rapid Employment Job Training Grant is for new employees hired from March 1 to September 1, 2020 In response to the unemployment impact of COVID-19, Arizona has established a financial program to support employers and continue reenergizing Arizona’s economy. The Rapid Employment Job Training Grant provides support by reimbursing costs associated with training substantial numbers of new employees quickly. |
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| Small Business Debt Relief Program
This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law. sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief |
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Express Bridge Loan Pilot Program
Allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. |
| Employee Retention Credit (must not have taken a Small Business Loan to qualify) DOES MY BUSINESS QUALIFY TO RECEIVE THE EMPLOYEE RETENTION CREDIT? The credit is available to all employers regardless of size, including tax-exempt organizations. There are only two exceptions: State and local governments and their instrumentalities and small businesses who take Small Business Loans. Qualifying employers must fall into one of two categories:
These measures are calculated each calendar quarter. finance.senate.gov/chairmans-news/cares-act-employee-retention-credit-faq |
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The National Law Review The National Law Review has a great synopsis and there are additional components of the CARES Act. |
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Internal Revenue Service Individuals: Coronavirus Tax Relief – (Economic Impact Payment). |
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Tax Foundation - FAQ: The CARES Act The Tax Foundation is the nation’s leading independent tax policy 501(c)(3) nonprofit. Since 1937, our principled research, insightful analysis, and engaged experts have informed smarter tax policy at the federal, state, and global levels. taxfoundation.org/federal-coronavirus-relief-bill-cares-act/ |
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US Treasury
US Treasury published information on the PPP/CARE Act on their website. SBA will have it posted shortly as well. The below link contains individual fact sheets for: program overview, lenders, borrowers, application. The forms state that small businesses can apply starting on April 3 and independent contractors and self-employed individuals on April 1. We encourage people to apply as quickly as possible as there is a funding cap."
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Have additional questions? We can help, contact us now!
Darah Mann ›› Project Manager
Advanced Business Services, Healthcare, Higher Education
623-882-7958
email ›› darah.mann@goodyearaz.gov