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RESTAURANT REVITALIZATION FUND APPLICATIONS OPEN MAY 3

RESTAURANT REVITALIZATION FUND APPLICATIONS OPEN MAY 3

The Small Business Administration will begin accepting applications for the highly anticipated Restaurant Revitalization Fund on May 3 at 12pm EDT. Applicants will be able to register for login credentials on Friday April 30 at 9am EDT through the SBA portal. The first come, first served $29 billion grant program was authorized as part of the American Rescue Plan Act (ARPA) which was signed into law earlier this year.

The Fund provides non-taxable grants to qualifying restaurants of up to $5,000,000 per physical location but not to exceed $10,000,000 in aggregate. An eligible entity includes a restaurant, food truck, food cart, caterer, saloon, inn, tavern, bar, lounge, brewpub, tasting room, taproom, licensed facility or premises of a beverage alcohol producer where there are tastings, samplings or purchase of products, or other similar place of business in which patrons assemble for the primary purpose of being served food or drinks. An entity that is publicly traded or that has more than 20 locations, whether or not operating under the same name, is not eligible for the grant.

The amount of the grant is equal to the pandemic related revenue loss, which is measured by the decrease in gross receipts from 2019 to 2020. The grant amount must be reduced by any PPP loans that the entity receives.

The grant can be used on expenses between February 15, 2020 and March 11, 2023. The grant can be used on the following expenses that were incurred during the covered period: payroll costs (including sick leave), payments of mortgage and business debt (principal or interest), rent, utilities, maintenance expenses, construction of outdoor seating, supplies (including protective equipment and cleaning materials), food and beverage expenses, covered supplier costs, and operations expenses.

During the first 21 days that applications are open the SBA will prioritize awarding funds to small businesses at least 51 percent owned and controlled by individuals who are women, veterans, and/or socially and economically disadvantaged individuals. During this period the SBA will accept applications from all individuals.

Because the program is first come, first served regardless whether you qualify for the priority status, it is recommended to:

  • Register online beginning Friday April 30at 9am EDT,
  • Pre-complete the application
  • Gather all data which will be required to be submitted to the SBA. This will include:
    • Verification of gross receipts
      • 2019 and 2020 tax returns are the best source
      • Verified point of sales reports
      • Internally or externally prepared income statements
    • 3 most recent months of bank statements
    • For applicants that are a brewpub, tasting room, tap room, brewery, winery, distillery, or bakery - documentation that 33% of the gross receipts for 2019 were onsite sale to the public
    • For applicants that are an inn - documentation that 33% of the gross receipts for 2019 were onsite sales of food and beverages to the public
  • Log in to the portal on May 3 at 12pm EST to submit your application. The application should be completed and submitted by the owner of the restaurant.

Visit the SBA website for additional program details and to view a sample application.

 

04/28/2021

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