Restaurant Revitalization Fund is Accepting Applications
The Small Business Administration has opened the application portal for the Restaurant Revitalization Fund. Applicants are encouraged to apply as soon as possible as the available funds are expected to run out quickly.
Priority will be given to applicants that are at least 51% owned by women, veterans, or socially and economically disadvantaged individuals. Recipients are not required to repay the funds if they are used for the following covered expense and have not been paid under another program:
- Business payroll costs, including sick leave;
- Payments on any business mortgage obligation;
- Business rent payments;
- Business debt service- both principal and interest;
- Business utility payments;
- Business maintenance expenses;
- Construction of outdoor seating;
- Business supplies, including protective equipment and cleaning materials;
- Business food and beverage expenses;
- Covered supplier costs; and
- Business operating expenses.
Link to the SBA’s Restaurant Revitalization Fund page may be found here
DOL Rescinds Independent Contractor Rule
The U.S. Department of Labor withdrew the independent contractor rule, which went into effect on March 8, 2021. As of May 6, 2021, employers may resume relying on the totality of the circumstances of the relationship when determining whether a worker is an employee or an independent contractor. The DOL and the Courts have long considered the following factors are the most relevant:
- The extent to which the services rendered are an integral part of the principal’s business.
- The permanency of the relationship.
- The amount of the alleged contractor’s investment in facilities and equipment.
- The nature and degree of control by the principal.
- The alleged contractor’s opportunities for profit and loss.
- The amount of initiative, judgment, or foresight in open market competition with others required for the success of the claimed independent contractor.
- The degree of independent business organization and operation.
*The information provided in this communication is general in nature and is for informational purposes only. It should not be construed as legal, tax, or accounting advice.