Restaurant Revitalization Fund
The American Rescue Plan Act Established a
$28.6B SBA Grant Program
The Restaurant Revitalization Fund (RRF) is a $28.6B SBA grant program established through the American Rescue Plan Act. The grant is calculated by taking your 2019 gross receipts and backing out your 2020 gross receipts and PPP loan funds.
Many businesses in the food and beverage industry have been struggling through the pandemic and Synergi Partners is prepared to help guide you through the complex grant process. This time sensitive program will allow you to quickly infuse funds into your business.
Let Synergi Partners assess the opportunity, maximize benefits, and manage the grant process from application to approval. As always, Synergi Partners will keep your business in compliance and provide audit support.
There are some parameters around eligibility. Organizations must own or operate 20 or fewer establishments. Ineligible businesses include publicly traded companies, businesses that have applied for the Shuttered Venue Operator Grant, and state or local government operated businesses. Below lists the businesses that are eligible for the grant:
In December 2020 the Consolidated Appropriations Act, and in March 2021 the American Rescue Plan Act were signed by the President providing additional COVID-19 relief packages for businesses. Specifically, this new legislation amends, expands, and enhances the CARES Act Employee Retention Credit (ERC). The legislation is broken down into two segments:
The Federal government passed the CARES (Coronavirus Aid, Relief and Economic Security) Act on March 27, 2020.
Any private sector or non-profit employer, regardless of its size, is eligible for the Employee Retention Credit during calendar year 2020.
To be eligible, the business must:
The Employee Retention Credit is equal to 50% of qualified wages paid per employee. Currently, the Act places a $5,000 total cap on the credit per employee for the 2020 tax year.
“Qualified wages” varies depending on the number of employees. The credit is available for qualified wages from 3/13/20 through 12/31/20.
In December 2020 the Consolidated Appropriations Act, and in March 2021 the American Rescue Plan Act were signed providing additional COVID-19 relief packages for businesses. Specifically, this new legislation amends, expands, and enhances the CARES Act Employee Retention Credit (ERC).
The ERC was previously unavailable as an option for relief to businesses that received Paycheck Protection Program (PPP) loans through the SBA. However, the new legislation explicitly provides a retroactive amendment to March 13,2020, and clarifies these businesses are now eligible to receive the ERC—just not on wages paid with PPP loan funds.
Other important changes to the ERC include:
The Employee Retention Credit can be claimed against the employer’s portion of employment taxes, including Social Security and Railroad Retirement. Should the credit exceed the amount due, it is treated as an over payment and is refundable.
Synergi is prepared to guide you through this process. Reach out to us now to get started:
President Trump signed H.R. 1865 (116) into law In December 2019 which included a tax credit package, along with the Hurricane Disaster Relief Act of 2017 (H.R. 3823, Section 503) and The Employee Retention Credit For Employers Affected by the California Wildfires. The tax relief legislation includes an employee retention credit to encourage employers affected by hurricanes, wildfires and other natural disasters to retain employees while their businesses regain normal operations.
Synergi Partners evaluates tax credit eligibility for business in all affected disaster areas. Synergi Partners has developed a “Operational Impact Analysis” which evaluates business revenue loss on an individual basis.
How does Synergi determine if my business qualifies for a retention credit? Synergi reviews different areas of the business that affected your operations. These areas include:
What you need to know about tax and business incentives to help you if your business has been impacted by a hurricane.
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The Work Opportunity Tax Credit (WOTC) is a federal hiring incentive program that allows your business to receive up to $9,600 in tax credits per each eligible new hire.
The partnership between Compeat and Synergi positions you for success, growth and profitability. We recognize your need for great talent and industry leading tax credit consulting and technology. We look forward to having you as part of our family. Please follow the instructions below to get started.
The Work Opportunity Tax Credit is a federal hiring incentive that provides a tax credit worth up to $9,600 if your company is hiring from any one of the following groups:
Tax credits off-set tax liability dollar for dollar. Some companies use credits in their tax planning to off-set quarterly estimated payments. Some companies use credits at the end of their tax year against annual tax liability. In the event of no tax liability, tax credits can be carried forward for up to twenty years. Consult with your tax professional for how to best use these incentives.
The life of a tax credit can be a year or more. The process begins with screening your new hires and ends with delivery of a certified and calculated tax credit. We manage this for you.
Synergi beats the competition when it comes to screening, eligibility, forms compliance, certifications, and reporting
Built right into the platform, we screen eligibility and sign forms as you process hires.
Fill out the form and submit your contact information.
A Synergi Rep will contact you to discuss the next steps.
Synergi will notify that you are ready to go. Sit back and start earning credits.
We focus solely on tax credit and disaster relief and capture the maximum credits for our clients.
Our CPA had calculated a tax credit based solely on payroll but Synergi looked into how our daily operations were affected and found an additional $50K in credits.
Working with Synergi Partners has been a home run for us. Our CARES Act Employee Retention Credit that we are anticipating is in the millions! For us, this is instrumental in keeping our family-owned business moving full steam ahead. Their diligence, detailed analyzation and patience has made this working relationship so valuable. Thank you!
The Synergi Team are plugged in legislatively and have great relationships with the state WOTC coordinators which has really helped us improve turnaround times with the states. We are very pleased with their results.