Get Ready to Apply for Your Restaurant Revitalization Grant
The Small Business Administration is getting ready to accept applications for tax free grants to be paid from the $28.6 billion Restaurant Revitalization Fund.
Qualified business recipients are eligible to receive funding equal to their pandemic-related revenue loss (2019 revenue minus 2020 revenue) up to $10 million, reduced by PPP loan proceeds received.
If you qualify for one of these grants, it is important to submit your application on the first day the SBA starts accepting applications. The demand for these grants is expected to exceed the funds available.
Here is a link to the sample application form released by the SBA earlier this week:
https://www.sba.gov/document/sba-form-3172-restaurant-revitalization-funding-application-sample
Get this sample form and start filling it out today.
Who qualifies?
Restaurants
Food stands, food trucks, food carts
Caterers
Bars, saloons, lounges, taverns
Snack and nonalcoholic beverage bars
Bakeries (if 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
For additional information please review the SBA's Restaurant Revitalization Funding Program Guide (April 20, 2021):
- Mark S Gleason CPA
