Restaurant Revitalization Fund
The team at Chefs’ Toys wanted to be the first to share the good news with our customers that the COVID-relief bill passed by Congress and signed by President Joe Biden includes $28.6 billion in grants for restaurants! We will continue to collect resources to help you take advantage of this welcome relief as we rise out of the pandemic together as a foodservice community.
SBA LATEST INFORMATION REGARDING RESTAURANT REVITALIZATION FUND
- https://www.sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund?emci=a9cb97e2-af9f-eb11-85aa-0050f237abef&emdi=aa1ea04a-b99f-eb11-85aa-0050f237abef&ceid=10014838
Once launched they will accept applications from all eligible applicants, however during the first 21 days will be a priority period focused on funding
A small business concern that is at least 51 percent owned by one or more individuals who are:
- Women, or
- Veterans, or
- Socially and economically disadvantaged
Do I qualify for help?
- Food and drink entities with 20 locations or fewer will qualify for grants equal to the difference between 2020 and 2019 revenue, up to $10 million per company and $5 million per physical location.
- The grants may cover such items as payroll (excluding employee compensation exceeding $100,000 per year), employee benefits and paid sick leave; mortgage, rent, and utilities; outdoor seating construction; supplies, PPE, and cleaning materials; food; operational expenses; and debt obligation to suppliers.
- In addition to restaurants and bars, other entities eligible for support from the RRF include food stands, food trucks, food carts, caterers, saloons, inns, taverns, lounges, brewpubs, tasting rooms, taprooms, and any licensed facility or premise of a beverage alcohol producer where the public may taste, sample, or purchase products.
How can I apply?
You can apply through SBA-recognized Point of Sale Restaurant Partners or directly via SBA in a forthcoming online application portal.
Registration with SAM.gov is not required. DUNS or CAGE identifiers are also not required.
If you would like to prepare your application, view the sample application form. You will be able to complete this form online. Please do not submit RRF forms to SBA at this time.
How will grants be calculated?
- Grant eligibility is calculated by what the bill calls “pandemic-related revenue loss” or the difference between a particular restaurant’s 2020 sales and their 2019 revenue.
What can I expect?
- During the first 21 days, the application process will prioritize restaurants owned by women, veterans, and socially and economically disadvantaged individuals. Grants that are unused or spent on ineligible expenses must be returned to the government.
Webinar – Monday, March 15 @ 10:00 am PST / 1:00 pm EST – *To view the recorded session, enter your information and a link will be emailed to you*
More Articles about relief package
- https://restaurantsact.com/wp-content/uploads/2021/03/UnderstandingRRF.pdf
- https://abcnews.go.com/GMA/News/billions-restaurant-relief-hailed-industry-leaders-critical-path/story?id=76322515
- https://www.nrn.com/news/senate-passes-19-trillion-american-rescue-plan-286-billion-restaurant-relief-bill-now-heads
- https://www.qsrmagazine.com/legal/senate-passes-covid-19-bill-more-restaurant-funding
- https://www.restaurantdive.com/news/restaurants-win-286b-relief-fund-in-bidens-stimulus-heres-how-it-works/596555/
Where can I apply?
This will be updated as soon as the resource is available
