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U.S. Small Business Administration (SBA) - Restaurant Revitalization Fund
The U.S. Small Business Administration (SBA) is now accepting applications as part of their new initiative, the Restaurant Revitalization Fund. This fund, which prioritizes direct relief to restaurants and other food establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic.
For details regarding the Restaurant Revitalization Fund, please visit the SBA's special website - sba.gov/restaurants (English version) or sba.gov/restaurantes (Spanish version).
PPP Loan Program - May 2021 Update
The U.S. Small Business Administration (SBA) recently announced that they are no longer processing Paycheck Protection Program (PPP) loans from banks with asset sizes of grater than $1 billion. Therefore, the SBA is no longer accepting applications from Rhinebeck Bank. Currently, they are only processing PPP loans from Community Development Financial Institutions (CDFI). As a means to assist current Rhinebeck Bank borrowers/applicants and others looking for PPP loan assistance, we have compiled a list of CFDI links for your reference:
*These CDFIs are still accepting applications, however, we suggest that you confirm their market area coverage before applying.
EIDL Program Update - January 2021
PPP Loan Forgiveness Guidance
Start Planning to Have Your Loan Forgiven
If your small business has received a Paycheck Protection Program (PPP) loan, there are specific requirements you’ll need to meet in order to have your loan forgiven. We will be continuously updating this page with the information from the SBA and provide helpful resources for beginning your loan forgiveness process. Please check back frequently to stay informed.
How Do I Have My PPP Loan Forgiven?
PPP Loan Forgiveness FAQ - effective 10/13/2020
PPP Loan Forgiveness - Interim Final Rule - effective 1/19/2021
PPP Loan Forgiveness Fact Sheet - effective 10/30/2020
Are You Prepared?
If you are one of the many small businesses who accepted an SBA Paycheck Protection Program loan, and are considering loan forgiveness, the next step is preparation. Loan forgiveness is not automatic. You’ll need to apply and adhere to many requirements.