Restaurant owners can now register for the Restaurant Revitalization Fund (RRF) program. The RRF will provide $28.6 billion in tax-free federal grants to restaurants, bars, and other businesses that serve food and drink, providing support for eligible entities that suffered revenue losses related to the COVID-19 pandemic.
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.
Who can apply:
Eligible entities are businesses that are not permanently closed and include businesses where patrons assemble for the primary purpose of being served food and drink including:
- 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
When to Apply
The Small Business Administration application portal opened on May 3. The SBA is currently accepting applications from all eligible applicants but will begin processing and funding applications from priority groups for the first 21 days of the program. These priority groups include small businesses owned by women, veterans, or socially and economically disadvantaged individuals.
Following this 21-day priority processing period, the SBA will begin processing and funding applications from all other applicants until the funds are exhausted.
How to Apply
Business owners can apply through the SBA’s online application portal at https://restaurants.sba.gov/. Business owners also have the option to apply through a recognized SBA Restaurant Partner or telephonically at (844) 279-8898.
Additional documentation required for the application includes:
- 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
Register and learn more about the Restaurant Revitalization Fund here: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund