What is the Restaurant Revitalization Fund?
According to the Small Business Administration, the Restaurant Revitalization Fund 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. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
- 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.
You will need documentation to prove your eligibility:
- 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.
Relevant entities will also have to prove they meet the 33% thresholds.
For more information, go to the SBA website or contact us.