SBA Restaurant Revitalization Fund
The Small Business Administration announced that registration for the Restaurant Revitalization Fund will open on Friday, April 30, 2021, with online applications beginning on Monday, May 3rd.
Programming detail about the Fund can be found here: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund
This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Funds may be used for payroll costs, mortgage obligations, rent payments, debt service, utility payments, maintenance expenses, construction of outdoor seating, business supplies, food and beverage expenses, supplier costs, and operating expenses.
Startups that began during covid and in 2019 can also apply: Calculation 3 (Table 3 from Application): Applicants that began operations (making sales) on or between January 1, 2020, and March 10, 2021; and Applicants that have not yet opened for sales but as of March 11, 2021, have incurred eligible expenses.
Eligible businesses include:
- Food stands, food trucks, food carts
- 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
Applicants may apply through an SBA-recognized Point of Sale (POS) vendor or directly via SBA in a forthcoming online application portal. Participating POS providers include Square, Toast, Clover, and NCR Corporation (Aloha).
Applicants will need to submit SBA Form 3172, IRS Form 4506-T, and Gross Receipts Documentation.