Business Brief – October 16th 2024

December 11, 2024

Tenleytown Business Brief: October 21st, 2024

2024 Business News and Updates

View this email in your browser

News and resources to help your business thrive

In this issue:

Main Street Announcements
Important Business Announcements
Grant & Funding Opportunities
Workshops, Webinars & Resources

SUBMIT SALES & PROMOTIONS

Main Street Announcements

Hello TMS Family

I wanted to alert you to a new round of the $10,000 Verizon Grant program. This application is due on December 13. Please let us know if you need help completing this application process.

See you in Tenleytown!

Noah Getz
Executive Director

execdir@tenleytownmainstreet.org

Important Business Updates

Dram Shop Law, New ABC Manager Endorsement

The Restaurant Revitalization and Dram Shop Clarification Amendment Act of 2024 (Breakdown of Legislation) allows manufacturers and off- and on-premises retailers to have either the license holder or an ABC Manager on duty and physically onsite to legally sell and serve alcohol. Now, an ABC Manager Endorsement permits the business to designate up to five (5) employees of their choosing as ABC Managers. Up to five (5) additional employees for a total of 10 employees may be designated as ABC Managers for a per person registration fee. A business may substitute, add, and/or remove employees as needed. The endorsement is issued to and maintained by the business for the valid period of its alcohol license. Each designated ABC Manager will be issued individual licenses in their name and the name of the establishment.

Direct questions to ABCA.AlcoholLicensing@dc.gov.

Leaving the Premises with Open or Closed Containers

Licensees are reminded that their staff may not permit patrons to leave their licensed premises with an open alcoholic beverage container including “to go” cocktail bags. Allowing patrons to do so may result in fines and or license suspension and/or revocation.

Patrons may leave an alcohol licensed restaurant or a hotel with partially consumed bottle(s) of wine and/or spirits—commonly referred to as a “doggy bag”—purchased from the business if the container is sealed and bagged by staff.

ABCA Compliance Filings – Due Wednesday, October 30

Hotel, Restaurant, and Brew Pub license holders must file a quarterly statement detailing sales and expense activity that occurred between April 1 and June 30, 2024.

Direct questions to ABCA.Compliance@dc.gov.

Filings must be submitted online

New SBA Loan Options to Reduce Debt

New SBA changes could help small business owners, including restaurant operators, refinance existing debt with better terms through expanded 504 loan options starting Nov. 15. The 504 program, once just for land and equipment, now offers refinancing options for all kinds of loans, reducing loan payments for many small businesses. Restaurants and small businesses with a net worth under $15 million are eligible for max loan amounts up to $5.5 million in 10, 20, and 25 year terms with 3% interest rate. Learn more here

The Corporate Transparency Act

The CTA mandates that small businesses and certain entities report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN).Individuals who own or control 25% or more of the business or exercise substantial control must register. Small businesses should be aware that the CTA applies to most entities with fewer than 20 employees or less than $5 million in revenue, except for certain exempted companies. Reporting deadlines: companies formed before January 1, 2024, must file their initial reports by January 1, 2025, while entities formed on or after January 1, 2024, have 30 days from the date of formation to report.

Learn more in this video recording

Understanding and Complying with the Federal Corporate Transparency Act

CNHED Small Biz Help Website Re-Launch

The Coalition for Non-profit Housing and Economic Development has re-launched their helpful business support website, serving as a hub for the DC small businesses ecosystem.

CNHED Small Biz Resource Hub

CNHED Small Biz Cale

Current Grant Opportunities

If you would like help preparing your application for any of these opportunities please contact Tenleytown Main Street at info@tenleytownmainstreet.org.

Galaxy Grants

Amount: $2,250

Deadline: October 31st

LATEST NEWS

UPCOMING EVENTS

FEATURED EVENTS