SBA Announces Restaurant Revitalization Fund Guidelines
The SBA recently announced details regarding the Restaurant Revitalization Fund (RFF) which includes application and eligibility requirements. The restaurant industry was one of the hardest hit industries due to the economic downturn created by the COVID-19 pandemic. With the signing of the American Rescue Plan, $28.6 billion will be used to establish the RFF. The SBA will administer funds to the hardest-hit small restaurants.
In addition to restaurants, under the RFF, other eligible entities include:
- Food stands, food trucks, food carts
- Caterers
- 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
As always, we emphasize the importance of having the appropriate documentation when submitting an application. For a complete list of required documentation, as well as links for online applications, program details, allowable use of funds, etc., please visit the Restaurant Revitalization Fund resource page.
To download the program guide, please click here.
Questions? Should you have questions about this topic, or any other topics related to your personal or business situation, please contact us at any time.
DISCLAIMER: The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.
