Dear members,
We hope everyone had a great Easter weekend. The weather was nice and it has been great seeing so many happy pictures on social media. Easter is a time for new beginnings, and we are all ready for that after a tough year.
We fully expect to get many "out-of-office" replies from this email as it's Spring Break for both local school systems this week. We wish safe travels and great memories to be made on your vacation. For those not laying on the beach today, thank you for working hard for your business each day. The goods and services you provide are essential in making our community a great place to live, work and play.
Next week is our third Virtual Business at Breakfast of the year, presented by Hutson Inc. We will be highlighting Kentucky Agriculture with Commissioner Dr. Ryan Quarles. More details below, but we hope you will register to join us!
The Chamber's Annual Business Celebration will be on Friday, October 15th at the Barn at White Oaks. The business award nominations are NOW OPEN! Check out the link below to tell your story, or another's story of how their business succeeded during the challenges of 2020.
We were able to hop in and visit with a few members last Friday. The Chamber Board of Directors and staff are so very appreciative of your support and love getting to hear about your life and business. Let's all hope we can resume safe, in-person events really soon!
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EMPLOYEE RETENTION TAX CREDIT |
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We have had many businesses ask us about the Employee Retention Tax Credit. The SBDC, who worked with the entire KSBDC network and their CPA coaches, identified two great resources that can provide information about the tax credit. Please reach out to your local CPA for more information, as well.
The PDF attached is a webinar handout from a session SBDC hosted in February about the Employee Retention Tax Credit. It is a great overview and provides answers to most FAQs. The link is to an article from the Journal of Accountancy that provides access to Notice 2021-20, the IRS issued detailed guidance for employers claiming the employee retention credit for calendar quarters in 2020.
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RESTAURANT REVITALIZATION FUND GRANTS |
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Restaurant Members Have Asked...Here's What We Know So Far...
The RRF will offer $28.6 billion in grants to hard-hit restaurants and bars, with restaurants able to apply for grants based on lost revenue. Additionally, $5 billion of that total will be set aside expressly for businesses with 2019 gross receipts of less than $500,000.
Most American restaurants and bars that lost revenue in 2020 versus 2019 will be eligible to apply for RRF grants. The ARPA explicitly names the following types of establishments that should be eligible: “restaurant, food stand, food truck, food cart, caterer, saloon, inn, tavern, bar, lounge, brewpub, tasting room, taproom, licensed facility or premise of a beverage alcohol producer where the public may taste, sample, or purchase products.”
However, any restaurant or bar that is part of a publicly-traded company or owned by a state or local government is not eligible to apply. Also, owners that operate more than 20 restaurants are ineligible. Notably, if you are the owner of a franchise and you do not control more than 20 locations, you are likely eligible to apply.
Generally speaking, restaurants can apply for grants that are equal to 2020 gross revenue minus 2019 gross revenue. For businesses in operation for all of 2019 and 2020, the maximum grant size will be $5 million for restaurants and $10 million for restaurant groups. Grant funds will not be taxed like income.
The RRF grants are only able to be used on specific expenses. These include:
- Payroll costs.
- Payments of principal or interest on any mortgage obligation.
- Rent payments, including rent under a lease agreement.
- Utilities.
- Maintenance, including new outdoor seating construction.
- Supplies, including PPE and cleaning materials.
- Food and beverage inventory.
- Covered supplier costs.
- Operational expenses.
- Paid sick leave.
- Any other expense SBA says is essential to maintain operations.
The “covered period” for what expenses can be paid by the grant must be incurred between February 15, 2020, to December. 31, 2021.
The Small Business Administration (SBA) will administer and disperse the RRF grants, but the program does not yet have an official launch date as of mid-March 2021. Your Chamber is keeping a close eye on updated information and will be sure to share more information as it is released. Those interested in more information may click here. The application will be here once released.
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We have launched a NEW eGift card program called Murray Money!!!
Murray Money (our Community eGift Card program) is a simple way for people and companies to “give back” and drive more business into our local stores. Murray Money is a digital giftcard that can be used at any participating Chamber member merchant: restaurants, boutiques, salons and spas, sports and entertainment, hotels, etc. Murray Money is a quick and easy way to keep dollars local, strengthening our local businesses and building our community. There is NO COST to participate for Chamber members! To sign up or for more information, contact Hailey Anderson at [email protected].
Please note: Murray Money is NOT replacing our Chamber Check program. The intent of this eGift Card program is to make it easier for out-of-town individuals to support our local businesses (i.e. MSU parents sending their student an eGift Card to eat at a local restaurant) and for individuals needing a quick way to send a gift.
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YPM April Lunch Meetup
Tuesday, April 6th
11 a.m.
via Zoom
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Join us next week on Wednesday, April 14th at 8AM CDT for
Virtual Business at Breakfast presented by
as we highlight Kentucky Agriculture with
Kentucky Commissioner of Agriculture
Dr. Ryan Quarles
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Friday, April 30th at 10AM
Grand Opening!!
(Front of Walmart, beside Popeye's)
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The affordability of health insurance consistently ranks as one of the top worry-items for business owners. With health care costs hitting small employers particularly hard, you may find it hard to offer health benefits to your employees. We are proud to have the ability to provide great options for healthcare coverage and workers' compensation.
To learn more, contact your local insurance agent or a Chamber staff member for more information.
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