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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.
About RRF
Maximum per grant
Maximum per location
Restaurants with 20 or fewer locations are eligible for this program
Grants can cover eligible expenses incurred between February 15, 2020 to December 31, 2021
Unused grant funds must be returned
Initial period that prioritizes businesses owned by women, veterans, and economically disadvantaged
Not subject to federal income tax
Eligibility
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:
Restaurant
Food Truck, Cart, or Stand
Caterer
Bar, Inn, Lounge, Saloon, or Tavern
Brewpub, Tap Room, or Tasting Room
Ready to get started?
Synergi Partners can determine your eligibility and manage the grant process from application to approval. Fill out the form below to get started.
About the CARES Act COVID-19 Employee Retention Credit (ERC)
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:
Here is an overview of the credit for 2020:
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:
- Be fully or partially suspended due to government order due to COVID-19, or
- incur a 50% decline in gross receipts from the same quarter in 2019, between 3/13/20 through 12/31/20.
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.
Here is an overview of the credit for 2021:
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.
On Friday, November 5, 2021, the House passed a $1 trillion bipartisan Infrastructure Bill that contained a provision which eliminates the ERC in the fourth (4th) quarter of 2021.
Synergi has closely monitored this proposed change to the ERC legislation and continues to work with congressional leaders to restore the availability of the ERC in the fourth (4th) quarter 2021 in the Budget Reconciliation Bill. Key House Representatives are also asking for the ERC be restored for the fourth (4th) quarter of 2021. While the Budget Reconciliation Bill has yet to be approved by either the House or the Senate, we expect the Budget Reconciliation Bill to add back the fourth (4th) quarter 2021 and extend the ERC to also include first (1st) quarter 2022.
Other important changes to the ERC include:
- Businesses that received PPP loans now eligible to receive ERC
- Extension of ERC for through Q3 of 2021
- A prospective credit increase from 50% of up to $10,000 of qualified wages annually to 70% $10,000 of qualified wages per quarter starting January 1, 2021 through September 30, 2021,
- 2021; and
- Increases limit on per-employee creditable wages from $10K for the year to $10K for each quarter in ‘21
- $26,000 ($5K / 2020 + $7K / 1Q21 + $7K / 2Q21 + $7K / 3Q21)
- Increased benefits in 2021 for full wages for companies up to 500 employees
- Public universities and hospitals are now considered eligible employers.
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:
Operational Impact
Full Or Partially Suspended Operation
Payroll Tax Credit
Refundable
Time to Act is Now
These incentives will expire!
Receive a complimentary analysis to determine the amount of tax credits your business may be eligible to receive. Simply fill out the form below.
Information entered can be estimated.
Disaster Relief Incentives for
Did your business lose revenue? Were products lost? Were your deliveries cancelled or delayed? Did you experience inadequate shift coverage because of Hurricane Irma or Hurricane Michael? Then you may be eligible to earn up to $2,400 for each employee!
Downloading Our FREE White PaperPresident 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:
Operational Impact
Physical Impact
Productivity Benchmarks
Financial Impact
Hurricane Retention Tax Credits for Businesses
What you need to know about tax and business incentives to help you if your business has been impacted by a hurricane.
Learn how you can take advantage by downloading our FREE white paper!
Download Free White Paper Now
Federal Hiring Incentives
Work Opportunity Tax Credit (WOTC)
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 Florida Restaurant & Lodging Association 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:
- A member of a family that is a Qualified Food Stamp Recipient
- A member of a family that is a Qualified Aid to Families with Dependent Children (AFDC) Recipient
- Qualified Veterans
- Qualified Ex-Felons, Pardoned, Paroled or Work Release Individuals
- Vocational Rehabilitation Referrals
- Qualified Summer Youths
- Qualified Supplemental Security Income (SSI) Recipients
- Qualified Individuals living within an Empowerment Zone or Rural Renewal Community
- Long Term Family Assistance Recipient (TANF) – formerly known as Welfare to Work
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
WOTC Contact Form
Built right into the platform, we screen eligibility and sign forms as you process hires.
How To Get Started?
Register Yourself
Fill out the form and submit your contact information.
Contact
A Synergi Rep will contact you to discuss the next steps.
Close
Synergi will notify that you are ready to go. Sit back and start earning credits.
Why Synergi Partners
We focus solely on tax credit and disaster relief and capture the maximum credits for our clients.
Questions? Contact Karen Freeman (843) 245-3903 or kfreeman@synergipartners.com
Questions?
Contact Karen Freeman (843) 245-3903 or kfreeman@synergipartners.com
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