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SBA Webinar on Restaurant Revitalization Grants - Shared screen with speaker view
Tangerine
11:21
Can we file a 4506-T now or will this be part of the application?
Aaron Frazier
14:40
Great question: to verify Tax Information, restaurants need to submit an IRS Form 4506-T, completed and signed by Applicant. Applicants can complete this form DIGITALLY on the SBA Platform to satisfy this requirement
RandyB
15:23
I don't see golf courses which has bar/restaurants within?
Jessica Dunker
15:54
Bowling alleys
KimLang Chu-Inn
16:37
would donut shop be consider as bakery?
Jessica Dunker
17:46
Please clarify franchise owners can apply even if chain has more than 20
Brandon
17:48
Is there a % of loss you have to have to be eligible?
Aaron Frazier
21:02
Brandon, it's not a percentage loss. It's broadly 2019 Gross Receipts subtracted by your 2020 Gross Receipts subtracted by all PPP loan amounts. It's a formula.
dadsplace
22:18
What if you have not been in business for a whole year?
Laurie Ray
22:19
I read that we subtract the amounts we got in PPP loans forgiven. What about any Iowa grants we received?
Aaron Frazier
22:59
dadsplace, it's a different formula but you're still eligible. Look at our FAQ.
Aaron Frazier
23:20
Laurie Ray, state/local grants should be excluded
Trudy Dilger
23:30
If you have some of the 1st round PPP that was not forgiven doe that get subtracted
Aaron Frazier
24:01
Yes, Trudy, any PPP funds received are subtracted
Laurie Ray
26:33
Aaron - excluded meaning we do subtract from amount eligible for or excluded meaning we do not need to report the local/state grants?
Laura
26:35
To clarify, if we rec'd the Iowa Restaurant Grant (Feb/March 2021), we DO need to subtract that amount from the eligible grant amount?
Cherry Madole
26:51
Did you just say that if we have an outstanding PPP application, we are not eligible for the RRF?
Darin Beck
27:00
If the owner is an LLC do you list the LLC and it’s EIN as the owner or do you need to list actual people as owners?
Aaron Frazier
28:01
Laura, you do NOT include state/local grants in your gross receipts total NOR deduct it from your eligible grant amount
Paul
28:31
Are these eligible expenses for expenses going forward or spent previously?
RandyB
28:48
Unrelated question, but I believe the Iowa grants did have to be counted as income on the PPP second draw as income?
Aaron Frazier
29:00
Cherry - a PENDING PPP application would confuse the RRF application process because you need to deduct PPP loan amounts from an RRF total. So it's recommended to RESOLVE this PPP pending application before applying for RRF.
Laurie Ray
29:06
Thank you for clarifying
owner
30:07
If owners get a salary, are they included in the payroll costs?
Aaron Frazier
30:42
Owner - as long as salary is below $100K annually
Kerri Lockyear
31:19
did you say unforgiven PPP debt is included?
Trudy Dilger
31:26
so we can not use it to pay property tax and back rent
Aaron Frazier
31:26
Owner - and you cannot pay up to $100K... any salary/compensation that exceeds $100K is excluded
Aaron Frazier
31:53
Trudy - you CAN pay back rent, going back to Feb. 15, 2020.
Aaron Frazier
32:31
Yes, Kerri
Aaron Frazier
33:04
Paul - eligible expenses go back to Feb 15, 2020 and then forward to March 11. 2023
mjglesener
33:49
Do we need to differentiate eligible expenses for PPP vs. RRF?
owner
35:24
Are you able to pay back salaries that haven’t been paid to owners?
andre
35:41
We have applied for our PPP forgiveness but have not heard back on that. How would that impact our application for the RRF? or not at all ?
Aaron Frazier
35:53
it doesn't, Andre
Aaron Frazier
36:14
owner - I think so, but ensure it's consistent with previous pay periods
RandyB
36:30
Holy crap these will be good size items.
Giuseppe
37:38
are you meaning the average sales number for the month open?
RandyB
38:45
When do applications begin to be received?
Jaya
38:48
If operated partially in 2019?
Giuseppe
38:59
yes
Giuseppe
39:51
we were not open the first 3 months of 2019 so I would take total sales/ 9 instead of 12 to get the average
Cherry Madole
40:16
Don't see ERC on the list - deduct or not?
Bob Franklin
40:32
For calculation 3, are the gross receipts dates lined up with the eligible expenses date? i.e. Feb 15, 2020-March 11, 2021? The slide said 2020 & 2021 sales but I assume it would just go until March 11, 2021?
Aaron Frazier
40:44
Giuseppe: check out page 7, there's a worksheet https://www.sba.gov/sites/default/files/2021-04/SBA%20Form%203172%20RRF%20Application%204.20.21-508.pdf
RandyB
40:52
When does this open up for submission?
Giuseppe
40:55
ok thank you
dadsplace
41:34
what if your business was open under the same name but with different owners starting 8/20
Joe Mcconville
41:46
what if we had a business open in the beginning of 2019, closed for 4 months and rebranded the DBA but it is the same EIN?
mikebockman
42:03
Can you step back one slide for a moment?
mikebockman
42:39
thanks!
Jessica Dunker
42:40
All slides will be available after the presentation
Aaron Frazier
43:00
Joe - if it's the same EIN, you should be all good. As Jayne said, the SBA is looking for the EIN consistency from PPP
Lonnie
43:21
As a franchisee we purchased some locations that where closed because of covid in 2020 and reopened them. It doubled our number of locations. So our gross receipts are slightly higher in 2020 vs 2019 because of the purchases. How does that affect us in applying for this grant?
Aaron Frazier
43:36
dadsplace - was it the same EIN? Joe's question is similar
dadsplace
43:48
no it was not
owner
44:12
So we can use it to pay back rent but not property taxes?
Aaron Frazier
44:24
you're still eligible, but it's a different calculation
Aaron Frazier
44:29
@dadsplace
Aaron Frazier
44:41
the start date is 8/20, i believe
Joe Mcconville
44:41
i am worried about the lack of income for thos 4 months in 19 limiting our total elgibile funds
dadsplace
45:09
yes
Aaron Frazier
45:16
@owner, i have not seen property taxes listed anywhere as an eligible expense
Cherry Madole
45:39
When will POS list be available?
Galaxy Note10+
45:42
what about Iowa Sales tax paid .Do you subtract it from gross receipts
owner
46:10
Thank you.
mikebockman
48:10
Aaron, what did you say about ERTC again? Do we subtract that amount from our gross receipts?
Aaron Frazier
48:54
It does not appear that tax payments are eligible expenses NOR can you deduct them from your gross receipts calculations
Aaron Frazier
49:02
Mikebockman: https://restaurant.org/advocacy/issues/faq-restaurant-revitalization-fund-grant#programs4
Achilles
49:34
What about Sales Tax reports?
Tangerine
49:48
I plan to submit 1120-s for income verification. Do I enter the amount on line 1 minus grants (eidl) received or would something else be better?
Tangerine
50:22
Should I submit the entire tax return?
Terri Slater
50:45
Are all of these forms required or just one of them?
Aaron Frazier
50:58
All, Terri
canderson@hhsales.net
51:51
Will this powerpoint be available for printing?
owner
52:04
Which 3 months for the bank statements?
Stacy Kluesner
52:15
Yes. Will be on our website following the presentation, along with the recording.
hannahjohnsen
52:17
Will it be the last 3 months of bank statements or which months
Owner
52:20
which 3 months of bank statements are needed?
Emilee Zimmerman
52:27
The powerpoint will be available after the call at restaurantiowa.com. You can view online or print it.
Jaya
52:40
If we have two franchises under one LLC with different times they were purchased (one in 2019 and other store at March1st 2020)the stores, how does it work?
hannahjohnsen
53:47
thank you
Jessica Dunker
54:21
Presentation is available now at restaurantiowa.com
Jessica Dunker
54:24
on home page
Aaron Frazier
55:55
Jaya, check the application and worksheet: https://www.sba.gov/sites/default/files/2021-04/SBA%20Form%203172%20RRF%20Application%204.20.21-508.pdf
Keegan Sloan
57:58
I'm able to find the 4506T PDF on the SBA site, but not a link to digitally file. Will a link be provided somewhere?
Holly Boyd
58:23
do we have to do all requirements
Keegan Sloan
58:27
Thank you!
Terri Slater
58:32
What if you don't use a point of sale
Alex
01:03:46
If we have multiple different restaurants, each as its own LLC, are they considered affiliates?
glenn
01:04:28
my veteran ownership is 33% does that qualify for early entry?
Della Viti Bethany DeVries
01:05:23
is there a checkbox for the priority status?
Aaron Frazier
01:05:37
Glenn, no - Jayne discussing this now
Aaron Frazier
01:05:49
it's self-certification, check the application
Aaron Frazier
01:06:03
Alex, stick with the EIN # you used for PPP
mike rastrelli
01:06:54
Thank you very much
Laura
01:07:10
Thank you everyone!!!!
Tangerine
01:07:34
How we can we get in touch with Aaron for questions?
Aaron Frazier
01:07:38
Good luck Hawkeyes! #FITN
mikebockman
01:07:59
Thank you Jessica and Stacy for all you do to help us!!!
Cherry Madole
01:08:21
Tangerine is absolutely a member!
Tangerine
01:08:26
We are a member!
Jessica Dunker
01:08:47
Members are joint members. We can connect with all National resources!
mikebockman
01:08:48
Thanks Jayne and Aaron for this informative webinar today, too!
Ryan
01:09:17
thanks everyone very helpful!!
Darrell Sarmento
01:10:03
On behalf of the DSM West Side, thanks for all of your hard work.
Stacy Kluesner
01:10:08
@Tangerine...yes you are. Making sure it was you! Thank you for your membership!!
diane
01:10:58
Thank you everyone for the information
owner
01:11:12
Thanks so much!
Grant U
01:11:17
Aaron, based on your previous question, I assume it would also be a poor choice to pursue a buyout until an application is approved or denied?
Tangerine
01:11:47
3 consecutive months of bank statements or what?
Tangerine
01:12:06
2019 or 2020?
Rita Frahm
01:13:56
Single payment loans used for eligible business expenses - assume they can be paid in full. They usually don't have any type of scheduled payments.
Della Viti Bethany DeVries
01:14:22
thank you for everything!
Rita Frahm
01:15:11
Please clarify in FAQ's what can be used for eligible expenses in arrears during the covered period.
mike rastrelli
01:15:23
Join the Iowa Restaurant Association if you are not a member!!!
Trudy Dilger
01:15:36
Thank you for all your help.
Stacy Kluesner
01:15:51
Thank you, @Mike Rastrelli!!
Heidi Young
01:15:53
Thank you very much for all of your help!
Ilee’s iPhone
01:15:56
Thank you!
Rita Frahm
01:15:58
Thank you for your dedication and to Jayne's team too!
Della Viti Bethany DeVries
01:16:01
and please if there will be a specific section for priority status
dadsplace
01:16:08
Thank you
Grant U
01:16:13
Last question, if a buyout occurs after being awarded through the RRF, can we use funds to pay off the rest of an SBA loan if we don't use all funds from RRF for that?
Tangerine
01:16:22
Thanks!
Keegan Sloan
01:16:23
Thank you!
Jesse Grossnickle
01:16:41
THANKS EVERYONE!!
Grant U
01:16:48
thank you!!!
Grant U
01:17:02
will you need an email?