{"version":"1.0.0","segments":[{"startTime":1.59,"endTime":3.21,"body":"This is taxes made simple."},{"startTime":3.21,"endTime":5.94,"body":"The only podcast that gives you"},{"startTime":3.21,"endTime":5.94,"body":"the tax information you need."},{"startTime":6.225,"endTime":10.004,"body":"Without going too far into the"},{"startTime":6.225,"endTime":10.004,"body":"weeds this week is for restaurants,"},{"startTime":10.035,"endTime":14.295,"body":"bars, food stands, food trucks, and"},{"startTime":10.035,"endTime":14.295,"body":"really just about any business that"},{"startTime":14.295,"endTime":17.385,"body":"is in the business of selling you"},{"startTime":14.295,"endTime":17.385,"body":"something that you can eat or drink."},{"startTime":17.775,"endTime":21.435,"body":"If you own one of these establishments,"},{"startTime":17.775,"endTime":21.435,"body":"and haven't heard of the restaurant"},{"startTime":21.435,"endTime":25.125,"body":"revitalization fund grant program,"},{"startTime":21.435,"endTime":25.125,"body":"I need a few minutes of your"},{"startTime":25.125,"endTime":29.025,"body":"attention, which I would guess I got"},{"startTime":25.125,"endTime":29.025,"body":"by using the word grant that's right."},{"startTime":29.055,"endTime":33.615,"body":"This program is not alone, but a straight"},{"startTime":29.055,"endTime":33.615,"body":"grant to your business from the SBA."},{"startTime":34.11,"endTime":37.679,"body":"The amount of the grant generally"},{"startTime":34.11,"endTime":37.679,"body":"is the decrease in revenue of the"},{"startTime":37.679,"endTime":40.559,"body":"business in 2020 as compared to 2019."},{"startTime":41.069,"endTime":46.26,"body":"So if you did a million dollars in 2019,"},{"startTime":41.069,"endTime":46.26,"body":"and that did 400 K in 2020, you'd be"},{"startTime":46.26,"endTime":49.29,"body":"looking at a potential grant of $600,000."},{"startTime":50.069,"endTime":52.26,"body":"Anyone who would be getting this"},{"startTime":50.069,"endTime":52.26,"body":"grant would be familiar with"},{"startTime":52.26,"endTime":53.699,"body":"the paycheck protection program."},{"startTime":54.12,"endTime":59.039,"body":"So let's talk about the major differences"},{"startTime":54.12,"endTime":59.039,"body":"from the triple P for starters, as I just"},{"startTime":59.039,"endTime":63.269,"body":"mentioned, it's not alone, so there's"},{"startTime":59.039,"endTime":63.269,"body":"no need to apply for loan forgiveness."},{"startTime":63.78,"endTime":67.71,"body":"And there's no requirement to spend"},{"startTime":63.78,"endTime":67.71,"body":"a certain portion of the grant on"},{"startTime":67.71,"endTime":72.539,"body":"payroll and the non payroll costs that"},{"startTime":67.71,"endTime":72.539,"body":"are eligible are much more broad than"},{"startTime":72.539,"endTime":78.36,"body":"triple P last, the covered period or"},{"startTime":72.539,"endTime":78.36,"body":"in layman's terms, the period of time"},{"startTime":78.36,"endTime":83.0,"body":"that you can spend the funds in an"},{"startTime":78.36,"endTime":83.0,"body":"eligible fashion is February 15th,"},{"startTime":83.0,"endTime":89.16,"body":"2020 to December 31st, 2021, which is"},{"startTime":83.0,"endTime":89.16,"body":"clearly a much longer time than the"},{"startTime":89.16,"endTime":90.69,"body":"covered period for the triple P loan."},{"startTime":91.905,"endTime":93.405,"body":"But what are the deal breakers here?"},{"startTime":93.765,"endTime":98.055,"body":"Well, if you currently have received or"},{"startTime":93.765,"endTime":98.055,"body":"have a pending application for a shuttered"},{"startTime":98.055,"endTime":100.845,"body":"venue operator grant, you're not eligible."},{"startTime":101.325,"endTime":104.625,"body":"If you're owned by a state or"},{"startTime":101.325,"endTime":104.625,"body":"local government or a publicly"},{"startTime":104.625,"endTime":107.235,"body":"traded corporation that"},{"startTime":104.625,"endTime":107.235,"body":"ain't going to work either."},{"startTime":107.835,"endTime":111.525,"body":"If the restaurant has more than"},{"startTime":107.835,"endTime":111.525,"body":"20 locations as of March 13th,"},{"startTime":111.555,"endTime":114.375,"body":"20, 20, sorry, but you're too big."},{"startTime":115.035,"endTime":115.875,"body":"All businesses."},{"startTime":115.875,"endTime":120.075,"body":"And this is similar to the triple P"},{"startTime":115.875,"endTime":120.075,"body":"need to certify that the uncertainty"},{"startTime":120.105,"endTime":124.515,"body":"of current economic conditions make"},{"startTime":120.105,"endTime":124.515,"body":"the grant requests necessary to support"},{"startTime":124.515,"endTime":126.585,"body":"the ongoing operations of the entity."},{"startTime":127.485,"endTime":132.23,"body":"And in terms of funding and"},{"startTime":127.485,"endTime":132.23,"body":"priorities, there is a total of $28.6"},{"startTime":132.23,"endTime":134.435,"body":"billion allocated to the program."},{"startTime":134.82,"endTime":137.7,"body":"5 billion is specifically"},{"startTime":134.82,"endTime":137.7,"body":"set aside for businesses with"},{"startTime":137.7,"endTime":140.16,"body":"revenues of $500,000 or less."},{"startTime":140.64,"endTime":146.94,"body":"And the remaining $23.6 billion is for"},{"startTime":140.64,"endTime":146.94,"body":"businesses above 500 K, but regardless"},{"startTime":146.94,"endTime":151.95,"body":"of revenue figures, women owned and"},{"startTime":146.94,"endTime":151.95,"body":"veteran owned businesses as well as"},{"startTime":151.95,"endTime":154.26,"body":"socially and economically disadvantaged."},{"startTime":154.29,"endTime":157.8,"body":"Small businesses are going to"},{"startTime":154.29,"endTime":157.8,"body":"get priority over everyone else."},{"startTime":158.34,"endTime":162.239,"body":"Grants are capped at $10 million"},{"startTime":158.34,"endTime":162.239,"body":"per entity and $5 million per"},{"startTime":162.239,"endTime":166.709,"body":"location, and must be reduced by the"},{"startTime":162.239,"endTime":166.709,"body":"amount of triple P and E I D L loan"},{"startTime":166.709,"endTime":168.2,"body":"amounts previous actually received."},{"startTime":169.01,"endTime":172.579,"body":"So let me be clear earlier that the"},{"startTime":169.01,"endTime":172.579,"body":"only thing that's going to keep this"},{"startTime":172.579,"endTime":176.69,"body":"program funded for more than just a"},{"startTime":172.579,"endTime":176.69,"body":"day is the fact that there will be"},{"startTime":176.69,"endTime":180.23,"body":"enough businesses excluded that applied"},{"startTime":176.69,"endTime":180.23,"body":"for the shuttered venue operator"},{"startTime":180.23,"endTime":184.04,"body":"grant, and that the bigger restaurant"},{"startTime":180.23,"endTime":184.04,"body":"chains are going to be excluded."},{"startTime":184.53,"endTime":187.35,"body":"Nonetheless, the money is"},{"startTime":184.53,"endTime":187.35,"body":"going to go fast on this one."},{"startTime":187.47,"endTime":190.56,"body":"So you're going to have to stay on top"},{"startTime":187.47,"endTime":190.56,"body":"of this and get your ducks in a row."},{"startTime":190.86,"endTime":194.76,"body":"If you want to get a piece of the"},{"startTime":190.86,"endTime":194.76,"body":"proverbial pie, which by the way, wouldn't"},{"startTime":194.76,"endTime":198.06,"body":"be a terrible name for a pie shop who"},{"startTime":194.76,"endTime":198.06,"body":"would also be eligible for this grant."},{"startTime":198.69,"endTime":201.87,"body":"The SBA will be making applications"},{"startTime":198.69,"endTime":201.87,"body":"available in the coming weeks."},{"startTime":202.05,"endTime":205.08,"body":"So make sure your financials"},{"startTime":202.05,"endTime":205.08,"body":"are up-to-date and any other"},{"startTime":205.08,"endTime":209.01,"body":"documentation that would help you"},{"startTime":205.08,"endTime":209.01,"body":"prove eligibility is handy as well."},{"startTime":209.775,"endTime":210.705,"body":"And to put a bow on it."},{"startTime":211.125,"endTime":215.055,"body":"I'm absolutely depending on my"},{"startTime":211.125,"endTime":215.055,"body":"favorite restaurants and bars, to be"},{"startTime":215.055,"endTime":218.955,"body":"smart about this, because anyone who"},{"startTime":215.055,"endTime":218.955,"body":"knows me knows that I like to eat and"},{"startTime":218.955,"endTime":220.905,"body":"drink a bit more than the next guy."},{"startTime":221.505,"endTime":223.215,"body":"Anyway, that's it for now?"},{"startTime":223.455,"endTime":226.275,"body":"Thanks for tuning into"},{"startTime":223.455,"endTime":226.275,"body":"TMS or taxes made simple."},{"startTime":226.275,"endTime":228.545,"body":"If you're not into the whole"},{"startTime":226.275,"endTime":228.545,"body":"brevity thing, because there's"},{"startTime":228.545,"endTime":230.615,"body":"TMI and then there's TMS."},{"startTime":231.155,"endTime":231.845,"body":"See you next week."}]}