The U.S. Small Business Administration is accepting applications from locations that serve food or drink for revenue losses related to the COVID-19 pandemic for reimbursement through the Restaurant Revitalization Fund.
According to the Restaurant Revitalization Fund Program Guide, eligible entities are businesses that are not permanently closed and include businesses where the public or patrons assemble for the primary purpose of being served food or drink including restaurants; food stands, food trucks, food carts; caterers; bars, saloons, lounges, taverns; licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products; other similar places of business in which the public or patrons assemble for the primary purpose of being served food or drink; snack and nonalcoholic beverage bars; bakeries; brewpubs, tasting rooms, taprooms; breweries and/or microbreweries; wineries and distilleries; and inns.
Applicants must make a "good faith certification" that current economic uncertainty makes this funding request necessary to support the ongoing or anticipated operations of the applicant, and the applicant does not have a pending application for and has not received a Shuttered Venue Operator grant from SBA.
To apply for the Restaurant Revitalization Fund, visit restaurants.sba.gov, or call 844-279-8898.
SBA may provide funding of up to $5 million per location -- not to exceed $10 million total for the Applicant and any affiliated businesses -- for applicants that meet eligibility requirements, according to the guide. The minimum funding amount is $1,000, so applications requesting less than $1,000 (net required reductions) in funding will not be accepted or approved. Recipients must use all funds by March 11, 2023, on eligible expenses incurred beginning on February 15, 2020, and ending on March 11, 2023.
According to the guide, eligible expenses include:
• Business payroll costs, including sick leave and costs related to the continuation of group health care, life, disability, vision, or dental benefits during periods of paid sick, medical, or family leave, and group health care, life, disability, vision or dental insurance premiums.
• Payments on any business mortgage obligation, both principal and interest. This does not include any prepayment of principal on a mortgage obligation.
• Business rent payments, including rent under a lease agreement. This does not include any prepayment of rent.
• Business debt service, both principal and interest. This does not include any prepayment of principal or interest.
• Business utility payments for the distribution of electricity, gas, water, telephone, or internet access, or any other utility that is used in the ordinary course of business for which service began before March 11.
• Business maintenance expenses including maintenance on walls, floors, deck surfaces, furniture, fixtures and equipment.
• Construction of outdoor seating.
• Business supplies, including protective equipment and cleaning materials.
• Business food and beverage expenses, including raw materials for beer, wine or spirits.
• Covered supplier costs, which is an expenditure made by the eligible entity to a supplier of goods for the supply of goods that are essential to the operations of the entity at the time at which the expenditure is made pursuant to a contract, order, or purchase order in effect at any time before the receipt of Restaurant Revitalization funds or, with respect to perishable goods, a contract, order, or purchase order in effect before or at any time during the covered period.
• Business operating expenses, which are defined as business expenses incurred through normal business operations that are necessary and mandatory for the business, such as rent, equipment, supplies, inventory, accounting, training, legal, marketing, insurance, licenses, and fees. Business operating expenses do not include expenses that occur outside of a company's day-to-day activities.
The full Restaurant Revitalization Fund Program Guide can be found at https://ift.tt/3dSgCqF.
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April 26, 2021 at 04:13PM
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