3 Hidden Grants in the American Rescue Plan | GoDaddy


This year, president biden signed the american rescue plan, which drew attention to programs like ppp and eidl. Hidden in the rescue plan are three other relief programs that could make a big impact for small business owners. These three hidden gems are the restaurant, revitalization fund, the shuttered venue operator grant fund and the employee retention tax credit. The great thing about both the restaurant revitalization fund and the shuttered venue fund is that these are grant programs, so it does not need to be paid back. The restaurant revitalization fund is a 28.

3 Hidden Grants in the American Rescue Plan | GoDaddy

billion dollar program for hard hit restaurants and bars, and will offer grants up to five million dollars per location based on your lost revenue. I encourage restaurant owners right now to do two things you’re going to be applying directly through a portal that will be on the sba website. The second thing is to pull together your paperwork you’re, going to need to have your gross receipts from 2019. Your gross receipts from 2020., the shuttered venue grant program, is going to provide up to 10 million dollars per location for entities that offer entertainment, so think, motion picture theater, dinner, theater and talent.


Representatives too now the entity must have been in operation as of february 29. 2020 and must be able to show a decline in gross receipts or revenue during 2020.. Application is a two-step process register with sam.gov it’s a free registration process.


The sba provides information on how you go about registering. Then you will go to the sba website. You will apply through the sba for the grant one other question i’ve received is: can i apply for both a restaurant grant and a shuttered venue grant, and the answer is no. You are only eligible for one of the grant programs, not both the employee retention tax. Credit is really a hidden gem and it was something that businesses who have continued to employ.


Workers need to take a look at because it offers up to seven thousand dollars per employee per quarter in 2021. That could mean 28 000 per employee. So the employee retention tax credit is a bit more complicated and that’s why i advise business owners to consult with your tax professional. The primary reason is that many businesses have taken out a ppp, and you cannot claim the employee retention tax credit for any wages paid with ppp money. The second thing is that determining whether or not you want to apply for an advance of the credit on that form 7200 or apply for it on your quarterly 941 can be a bit tricky consult with your tax professional.


To make sure you are following the rules and also maximizing both programs. Take a look at these programs, it’s money in your pocket and you don’t want to miss out and please we welcome your comments. Let us know what you’re thinking and what you’d like to hear from us. Godaddy is having conversations with experts to help entrepreneurs everywhere subscribe and stay tuned for upcoming videos feel free to comment below, and let us know what topics you would like to hear about. Next.


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