Get protected from your germy customers at a vaccination clinic starting today; get answers to some of the Colorado Restaurant Association’s (CRA) FAQs about the Restaurant Revitalization Fund (then go apply for it now, now, now before it’s exhausted!); find out about two new Colorado loan programs that are lending up to $750,000; and save the date for an IRL party that benefits CRA and the Colorado Restaurant Foundation’s emergency funds for hospitality workers.
The following information comes from the CRA’s May 4 newsletter. Sign up to receive the full version here. And take a gander at its Coronavirus Resource Center and Restaurant Worker’s Guide to the COVID-19 Vaccine for more info.
Sysco Foods Vaccination Clinic: Thursday, May 6 and Friday, May 7
To help their partners in the hospitality industry, Sysco Foods is hosting a vaccination clinic on Thursday, May 6, and Friday, May 7, from 10 a.m. to 12:45 p.m. The clinic is located in the Rockies Room on the second floor at 5000 Beeler St., Denver, CO 80238.
Walk-ins are welcome but to avoid long waits, register here.
The clinic will be offering the Pfizer vaccine, which is approved for people aged 16 and over. Those who are in need of the second dose of the Pfizer vaccine are welcome to participate. You will need to bring your ID or driver’s license to the appointment and COVID-19 safety protocols must be followed.
For more information, please call 303-585-3016.
Restaurant Revitalization Fund Application Now Open; Answers to Your FAQs
Restaurants can apply for Restaurant Revitalization Fund (RRF) grants as of May 3, at 10 a.m. MT. If you have not already, we encourage you to apply as soon as possible because the funds are expected to deplete quickly. Our partners at the National Restaurant Association are already meeting with lawmakers to identify how best to provide additional funding for the RRF to allow the program to provide more relief to struggling restaurants of every type.
To help you prepare your application, we have compiled the following links:
- View the application here.
- View a sample application here.
- Step-by-step application guide.
- View the Nat’l Restaurant Association’s FAQ here.
- View the SBA’s program guide here.
- View the SBA Knowledge Base here.
Watch our Restaurant Revitalization Fund Webinar with Senator Hickenlooper, the National Restaurant Association, the Small Business Administration, and Messner Reeves LLP here. View the presentation slides here and here.
To help ease your application process, here are answers to a few frequently asked questions:
- Q: If we apply for and receive the grant, will it be transferable to a new owner if the business gets sold?
- A: This will likely depend on how the business is sold, as the RRF grant is business-based, not owner-based. If the sale is a stock sale of the owner’s interest in the business (where there is no new EIN issued), then the RRF Grant will continue to follow the business (as it continues to operate under the new owner). If the sale is an asset purchase agreement, the grant funds are not an asset that can be transferred to the new owner’s new business (even if it has the same name – as it will have a new EIN, and the funds must be used with the business associated with the EIN at the time granted.)
- Q: I did the calculations for the RRF Grant and I found that, after adding in both PPP loans, I will not qualify. Are you finding this true for a number of restaurants?
- A: This is very fact specific for each restaurant and each location – we have seen a handful a restaurants that do not qualify depending on the volume of 2020 receipts and PPP amounts.
Colorado Launches New Small Business Relief Program
We have information on two new relief programs for small businesses in Colorado that have been financially impacted by the COVID-19 pandemic.
CLIMBER Small Business Loan Fund
The state and its partners launched the Colorado Loans for Increasing Mainstreet Business and Economic Recovery (CLIMBER). CLIMBER is a statewide loan fund that will provide up to $250 million in working capital to Colorado small businesses through 2023.
Lenders, CDFIs, credit unions, and nonprofit lenders can participate and provide loans for their small business customers needing financial assistance.
Small businesses with 5 to 99 employees that were financially stable before the pandemic but now need help to survive may apply for working capital loans between $30,000 and $500,000. Below-market interest rates and a 1-year deferred payment option make the program a secure recovery option for small businesses.
Colorado Revolving Loan Fund
The Colorado Revolving Loan Fund provides loans that help small- to medium-sized Colorado businesses negatively impacted by the COVID-19 pandemic. These loans range from $5,000 to $750,000. These loans are intended to provide startup and working capital that will help create and retain jobs across Colorado.
The maximum interest rate is 10%, and the expected average interest rate of these loans is 4%. Loans may be character-based and may have terms up to 20 years based on the type of loan.
Businesses may contact one of three lenders to apply for these loans:
- Urban businesses should contact Colorado Lending Source or the Colorado Enterprise Fund.
- Rural businesses should contact Region 9 Economic Development District of Southwest Colorado.
Join Us in Supporting Restaurant Workers at Drink Red Wear Red, Our Industry Party on June 17
Drink Red Wear Red is a fabulous, in-person appreciation event on June 17, 2021, at 6:30 p.m., at the Denver Museum of Nature & Science. The party raises funds to support the restaurant and hospitality employees that have been so hard hit by the COVID-19 pandemic. Proceeds from the event will benefit the Colorado Restaurant Association’s Mile High Chapter Hardship Fund and the Colorado Restaurant Foundation, both of which provide emergency assistance grants to industry employees in need.
After the crisis of the past year, the wonderful people in Colorado’s restaurant community need a night where we celebrate them. We encourage you all to join us and kick off what’s shaping up to be a comeback summer.
A VIP reception starting at 5:30 p.m. will take place on the museum’s gorgeous terrace and will feature bites from Denver’s most distinguished restaurants, reserve wine selections, and a million-dollar view of the Denver skyline. Attendees will be able to gather al fresco on the museum’s airy patio and even wander the halls of the museum, including the dazzling Coors Hall of Gems and Minerals. The main event features more than a dozen Denver restaurants, wine and cocktails from Republic National Distributing Company, an auction of exclusive dining and drinking experiences, and live music.
Thursday, June 17 | 5:30 p.m. VIP, 6:30 p.m. GA | Buy your tickets now!
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