The Small Business Administration (SBA) has recently announced guidelines for the upcoming Restaurant Revitalization Fund (RRF), which provides critical funding for restaurants, bars, and other food businesses to keep their doors open. Qualifying businesses may receive grants equal to their pandemic-related revenue loss, up to $5 million (with a limit of $10 million per business owners with multiple locations). Funding for eligible expenses spent before March 11, 2023 does not need to be repaid.
RRF applications will be open at 12:00 P.M. ET on Monday, May 3, 2021 at restaurants.sba.gov. Business owners can set up an application account as early as today, Friday, April 30, 2021 at 9am ET at restaurants.sba.gov.
Next steps:
- Visit SBA.gov/restaurants to determine if you’re eligible for a grant
- Make sure you have the documents and information you’ll need to apply:
- Verification for Tax Information: IRS Form 4506-T, completed and signed by Applicant. Completion of this form digitally on the SBA platform will satisfy this requirement
- Loan Numbers for any PPP funding you have received
- Gross Receipts Documentation: Any of the following documents demonstrating gross receipts and, if applicable, eligible expenses:
- Business tax returns (IRS Form 1120 or 1120-S)
- IRS Forms 1040 Schedule C or F
- For a partnership: partnership’s IRS Form 1065 (including K-1s)Bank statements
- Financial statements such as Income Statements or Profit and Loss Statements
- POS report(s), IRS Form 1099-K
- List of affiliated businesses. An affiliate business is a business in which the eligible Applicant business has an ownership interest of not less than 50 percent, or in which the eligible Applicant business has the contractual authority to control the direction of the other business, based on arrangements or agreements in place as of March 13, 2020
- If you’ve filed for bankruptcy, proof of your approved reorganization plan
- Applicants that began operations on or between January 1, 2020 and ending on March 10, 2021 and applicants that have not yet opened as of March 11, 2021, but have incurred eligible expenses, must supply at the time of application documentation of gross receipts and eligible expenses for the length of time in operations
- For applicants that are a brewpub, tasting room, taproom, brewery, winery, distillery, or bakery: Documents evidencing that onsite sales to the public comprise at least 33.00% of gross receipts for 2019, which may include Tax and Trade Bureau (TTB) Forms 5130.9 or TTB. For businesses who opened in 2020, the Applicant’s original business model should have contemplated at least 33.00% of gross receipts in onsite sales to the public
- If needed, reach out to the SBA for assistance preparing your application. Call center support is available at 1-844-279-8898 (hours: Monday to Friday 8:00 A.M. to 8:00 P.M. ET) or you can contact your local SBA District Office.
- Apply on day one. The SBA has announced applications will open at 12 P.M. ET on Monday, May 3, 2021 and recommends applying as soon as possible. Businesses owned more than 51% by socially and economically disadvantaged individuals will be given priority for review in the first 21 days once applications open.
For more information, please see these helpful guides:
Fact Sheet by Asian American Federation:
If you are in need of immediate legal assistance for your small business please contact us by email at microenterprise@volsprobono.org or call our hotline at (347) 521-5729.
The VOLS Microenterprise Project remains dedicated to New York City small business owners and is committed to increasing your access to civil legal support.