Posts by Woodley Smith

UPDATE 04/27/2021 Registration for the Restaurant Revitalization Fund will begin will begin Friday at 9am and the application period will start on Monday, May 3 at 12pm ET. The online application will remain open to any eligible establishment until all funds are exhausted.

UPDATE 04/22/2021 SBA has announced technology partnerships with several point-of-sale (POS) service providers to help streamline the application process for the Restaurant Revitalization Fund (RRF). Partnerships have been established with Clover, NCR Corporation, Square, and Toast so far. Once SBA announces when applications will be accepted, qualifying businesses can work directly with these POS service providers to help them apply for RRF. The POS service providers will help in different ways, from providing an integrated application process, to supplying pre-packaged POS documentation, to hosting webinars. Check with your POS system to see what they are offering.

While SBA encourages applicants to use the POS ecosystem, applicants without access to point-of-sale service providers can submit their applications electronically at restaurants.sba.gov.

• Restaurant, Food Stand, Food Truck, Food Cart
• Snack and Nonalcoholic Beverage Bar
• Caterer
• Bar, Lounge, Saloon, Tavern
• An Inn*
• Brewery, Brewpub, Microbrewery, Taproom, Tasting room*
• Bakery*
• Winery*
• Distillery*
• A licensed facility or premise of a beverage alcohol producer where the public may taste, sample, or purchase products
• Other similar place of business in which the public or patrons assemble for the primary purpose of being served food or alcohol.

*Inns, bakeries, breweries, brewpubs, microbreweries, taprooms, tasting rooms, wineries, and distilleries are limited to those that have onsite sales to the public of 33% or more of gross sales.

What is the maximum grant amount for the RRFG?

The maximum grant amount is $5M per location and $10M total for the eligible businesses with more than one location.

Is a business that applied for and received a Paycheck Protection Program (PPP) loan eligible to apply for an RRFG?

Yes. However, the RRFG will be reduced by the total amount of PPP Loans.

What documents will an eligible business need to prepare to apply for a RRFG? (Please remember that while you can begin to compile information, you cannot yet submit your application to the SBA.)

• SBA Form 3172
• 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 will satisfy this requirement.
  • 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
• For applicants that are a brewpub, tasting room, taproom, brewery, winery, distillery, or bakery:
  • Documents proving that onsite sales to the public comprise at least 33.00% of gross receipts for 2019, which may include Tax and Trade Bureau (TTB) Forms 5130.9 or TTB. For businesses who opened in 2020, the Applicant’s original business model should have contemplated at least 33.00% of gross receipts in onsite sales to the public.

What will the RRFG rollout schedule look like?

Are some RRFG funds set aside for specific groups?

Yes, there are funds set aside for specific groups. They are as follows:

• $5 billion is set aside for applicants with 2019 gross receipts of not more than $500,000
• An additional $4 billion is set-aside for applicants with 2019 gross receipts from $500,001 to $1,500,000
• An additional $500 million is set-aside for applicants with 2019 gross receipts of not more than $50,000

What can my RRFG funds be used for?

• 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

For more information you can check out the RRFG Info Page at SBA or sign-up to receive updates about the RRFG from SBA. In addition, you can download the National Restaurant Association’s FAQ Guide for the Restaurant Revitalization Fund Grants