SBA Restaurant Revitalization Fund
As of May 3rd, the SBA launched their much-anticipated Restaurant Revitalization Fund to help struggling restaurants get the support they need in order to keep their doors open as America slowly reopens for business after the pandemic.
This $28.6 billion grant program was specifically designed to help restaurant businesses that have been significantly affected due to closures and crowd-size restrictions.
The SBA has conducted outreach throughout the country, and with over 660,000 restaurants in the United States, they understand that there is more need than there are resources. Therefore, they recommend applying as soon as possible, as the program is on a first come, first serve basis.
Here are some links and information you will need:
- Information about the Restaurant Revitalization Fund can be found at https://www.sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund
- You can register and read the eligibility requirements at https://restaurants.sba.gov
- Some of the information needed will be the taxpayer identification number,;all information from lenders if PPP loan was previously taken including the loan amount, whether it was forgiven, how much is still owed, account numbers; addresses for anyone who owns 20% or greater of the business; list of affiliated businesses; detail of gross receipts and expenses; most recent tax returns; bank statements; financial statements; payroll information; loan information.
- Additional documentation is required if the business is a brewpub, tasting room, taproom, brewery, winery, distillery, bakery, hotel, motel or inn.
This is an important step towards helping to revitalize the pandemic’s devastating impact on the restaurant industry and hopefully will help restaurants and related businesses get back on their feet.