The U.S. Small Business Administration (SBA) announced it will launch its $28.6 billion Restaurant Revitalization Fund (RRF) beginning Monday, May 3 at noon EDT. Businesses may register beginning 9 a.m. EDT this Friday, April 30. The online application will remain open to eligible establishments until all funds are exhausted.
Prepare now: The SBA recommends qualifying applicants familiarize themselves with the application process in advance to ensure a smooth and efficient application experience. Here are the steps to follow.
- Register for an account in advance at restaurants.sba.gov starting at 9 a.m. EDT Friday, April 30.
- Review the official guidance, including program guide, frequently asked questions, and application sample.
- Prepare the required documentation.
- Work with a point-of-sale vendor or visit restaurants.sba.gov to submit an application when the application portal opens. [Note: If an applicant is working with a point-of-sale vendor, they do not need to register beforehand on the site.]
- Attending a virtual question-and-answer session
Timeframe: For the first 21 days, businesses owned by women, veterans, and socially and economically disadvantaged businesses will be prioritized. The application portal will remain open until funds are exhausted.
Simplified process: A key difference between the RRF and another recent program, the Shuttered Venue Operators Grant (SVOG) is that RRF applicants will not have to first register at SAM.gov or apply for and receive a DUNS number.
Who can apply for RRF:
- Food stands, food trucks, and food carts
- Bars, saloons, lounges, and taverns
- Snack and nonalcoholic beverage bars
- Bakeries, brewpubs, tasting rooms, taprooms, breweries, microbreweries, wineries, and distilleries at which on-site sales to the public comprise at least 33% of the gross receipts;
- Inns at which on-site sales of food and beverages to the public comprise at least 33% of gross receipts; and
- Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products.
Amount available: The RRF grant can equal up to $5 million per physical location and is capped at $10 million per entity and affiliates.
Verification: Eligible entities must have experienced pandemic-related revenue loss and will have to verify tax information by submitting IRS Form 4506-T. This requirement can be satisfied by completing this form on the SBA platform.
- 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
For applicants that are a brewpub, tasting room, taproom, brewery, winery, distillery, or bakery:
- Documents evidencing that onsite sales to the public comprise at least 33 of gross receipts for 2019, which may include Tax and Trade Bureau (TTB) Forms 5130.9 or TTB. For businesses that opened in 2020, the applicant’s original business model should have contemplated at least 33 of gross receipts in onsite sales to the public.
For applicants that are an inn:
- Documents evidencing that onsite sales of food and beverage to the public comprise at least 33 percent of gross receipts for 2019. For businesses that opened in 2020, the applicant’s original business model should have contemplated at least 33 percent of gross receipts in onsite sales to the public.
Where to get help: Small business owners don’t have to navigate the process of applying for the RRF alone. In Florida, there are more than 40 Florida Small Business Development Center (SBDC) offices from Pensacola to Key West. The Florida SBDC employs certified business consultants who can help you apply for the RRF and navigate other COVID-related challenges.
For more details about how the Florida SBDC can help, visit https://floridasbdc.org/RRF.
You can also attend a virtual question-and-answer session about the RRF hosted by the SBA:
11 a.m CDT/Noon EDT, Tuesday May 4 Click here to join at that time.
Noon CDT/1 p.m. EDT, Tuesday May 4. Click here to join at that time.