HOW SMALL BUSINESS ADMINISTRATION OPENS RESTAURANT REVITALIZATION FUNDING OPPORTUNITY - REGISTER NOW! (3583 hits)
For Immediate Release From Small Business Administration!
Registration for Restaurant Revitalization Fund Opening Today
A new grant program, the Restaurant Revitalization Fund (RRF), is slated to provide relief funding for restaurants and bars affected by the COVID-19 pandemic. The RRF, which was established by the newly passed American Rescue Plan, will provide $28.6 billion in grants for small businesses in need. Long-awaited aid for restaurants is here: What’s in the new Restaurant Revitalization Fund?
A new grant program, the Restaurant Revitalization Fund (RRF), is slated to provide relief funding for restaurants and bars affected by the COVID-19 pandemic. The RRF, which was established by the newly passed American Rescue Plan, will provide $28.6 billion in grants for small businesses in need.
Below you will find information about the grant program and how your small business may benefit. The official launch date will be announced in the coming weeks. Who can apply?
Eligible businesses who have experienced pandemic-related revenue loss include: Restaurants
Food stands, food trucks, food carts
Caterers
Bars, saloons, lounges, taverns
Snack and nonalcoholic beverage bars
Bakeries (onsite sales to the public comprise at least 33% of gross receipts)
Brewpubs, tasting rooms, taprooms (onsite sales to the public comprise at least 33% of gross receipts)
Breweries and/or microbreweries (onsite sales to the public comprise at least 33% of gross receipts)
Wineries and distilleries (onsite sales to the public comprise at least 33% of gross receipts)
Inns (onsite sales of food and beverage to the public comprise at least 33% of gross receipts)
Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products
Eligible businesses cannot be publicly traded and there are limits on private equity firms.
Eligible businesses are not able to receive a RRF grant if they are currently an applicant for the Shuttered Venues Operators (SVO) grant program.
How to apply?
You can apply through SBA-recognized Point of Sale Restaurant Partners or directly via the SBA in a forthcoming online application portal. The SBA will work with the following Point of Sale (POS) Restaurant Partners to help small businesses apply for the RRF grants: Clover, NCR Corp., Square and Toast.
has not provided details yet as to what companies qualify as a Point of Sale Restaurant Partner.
If you would like to prepare your application, view the sample application form. You will be able to complete this form online. The SBA asks that you do not submit RRF forms at this time.
SBA Form 3172
Additional documentation required:
Verification for Tax Information: IRS Form 4506-T, completed and signed by Applicant. Completion of this form digitally on the SBA platform will satisfy this requirement.
Gross Receipts Documentation: Any of the following documents demonstrating gross receipts and, if applicable, eligible expenses
Business tax returns (IRS Form 1120 or IRS 1120-S)
IRS Forms 1040 Schedule C; IRS Forms 1040 Schedule F
For a partnership: partnership’s IRS Form 1065 (including K-1s)
Bank statements
Externally or internally prepared financial statements such as Income Statements or Profit and Loss Statements
Point of sale report(s), including IRS Form 1099-K
WHEN TO APPL:
Ahead of the application launch and over the next two weeks, the SBA will establish a seven-day pilot period for the RRF application portal and conduct extensive outreach and training on how to apply, application requirements and where to apply. Participants in this pilot will be randomly selected from existing PPP borrowers in priority groups for RRF and will not receive funds until the application portal is open to the public.
Following the pilot, the application portal will be opened to the public:
Priority period (Days 1 through 21):
The SBA will accept applications from all eligible applicants, but only process and fund priority group applications. See “Priority groups” below. During this period, SBA will fund applications where the applicant has self-certified that it meets the eligibility requirements for a small business owned by women, veterans, or socially and economically disadvantaged individuals.
Open to all applicants (Days 22 through funds exhaustion):
The SBA will accept applications from all eligible applicants and process applications in the order in which they are approved by SBA.
Priority groups
A small business concern that is at least 51 percent owned by one or more individuals who are:
Women, or Veterans, or Socially and economically disadvantaged (see below).
Applicants must self-certify on the application that they meet eligibility requirements Socially disadvantaged individuals are those who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities.
Economically disadvantaged individuals are those socially disadvantaged individuals whose ability to compete in the free enterprise system has been impaired due to diminished capital and credit opportunities as compared to others in the same business area who are not socially disadvantaged.
Allowable use of funds
Funds may be used for specific expenses including:
Business payroll costs (including sick leave)
Payments on any business mortgage obligation
Business rent payments (note: this does not include prepayment of rent)
Business debt service (both principal and interest; note: this does not include any prepayment of principal or interest)
Business utility payments
Business maintenance expenses
Construction of outdoor seating
Business supplies (including protective equipment and cleaning materials)
Business food and beverage expenses (including raw materials)
Covered supplier costs
Business operating expenses
NOTE: Eligible restaurants can expect grants that match their pandemic-related revenue loss, calculated by taking their revenue in 2019 and subtracting 2020 revenue and any PPP loan funds received.
The covered period is from February 15, 2020 through December 31, 2021.
The grants can be taken alongside the two rounds of PPP, EIDL, and the Employee Retention Tax Credits, though any PPP loans already received will be subtracted from the eligible grant total for any individual business.
Stay tuned for more information about the program and when applications may go live.
The Shuttered Venue Operators grant application portal is now open
The Shuttered Venue Operators (SVO) Grant will provide $15 billion in emergency assistance for eligible venues affected by the COVID-19 pandemic and be administered by the Small Business Administration’s Office of Disaster Assistance.
Federal grant to provide aid for shuttered venues during the pandemic
Update: The Shuttered Venue Operators grant application portal is now open.
While small businesses across the nation continue to wait for more financial aid from the federal government, a new grant established by the December stimulus bill passed by Congress can help ease the burden of venue owners during the pandemic. The Shuttered Venue Operators (SVO) Grant will provide $15 billion in emergency assistance for eligible venues affected by the COVID-19 pandemic and be administered by the Small Business Administration’s Office of Disaster Assistance.
The American Rescue Plan will provide an additional $1.25 billion in funds toward the SVO Grant program.
Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. A total of $2 billion is reserved for eligible applications with up to 50 full-time employees.
Below you will find preliminary information and eligibility requirements. We will update with more information as it becomes available.
Who can apply?
Live venue operators or promoter
Theatrical producers
Live performing arts organization operators
Relevant museum operators, zoos and aquariums that meet specific criteria
Motion picture theater operators
Talent representatives, and
Each business entity owned by an eligible entity that also meets the eligibility requirements
Must have been in operation as of February 29, 2020
Venue or promoter must not have received a PPP loan on or after December 27, 2020
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