SBA announced that any Employee Retention tax credit received in 2020 will NOT be counted against a restaurant’s eligible grant amount.
On March 11, the American Rescue Plan Act of 2021 created the $28.6 billion Restaurant Revitalization Fund to provide grants for restaurants sustaining financial losses due to the COVID-19 pandemic.
On April 17, the U.S. Small Business Administration (SBA) issued the necessary federal rules, regulations, and a sample application to distribute the grant funds.
The U.S. Small Business Administration opens applications May 3 at noon ET for the Restaurant Revitalization Fund. The online application will remain open to any eligible establishment until all funds are exhausted.
The National Restaurant Association just posted a complete Step-by-Step Guide on how to apply and offers a regularly updated RRFG FAQ to answer the most common questions operators have about the grant program, many submitted using the Q&A email, firstname.lastname@example.org.
Entities that own a place of business where the public or patrons assemble for the primary purpose of being served food or drink, including a:
- Restaurant, Food Stand, Food Truck, Food Cart;
- Snack and Nonalcoholic Beverage Bar;
- Bar, Lounge, Saloon, Tavern;
- An Inn;
- Brewery, Brewpub, Microbrewery, Taproom, Tasting room;*
- A licensed facility or premise of a beverage alcohol producer where the public may taste, sample, or purchase products;
- Another similar place of business in which the public or patrons assemble for the primary purpose of being served food or alcohol.
Read the complete Restaurant Revitalization Fund Grant FAQs by going to this link.
In a recent update, the SBA announced that any Employee Retention tax credit received in 2020 will NOT be counted against a restaurant’s eligible grant amount. Additional economic relief such as state/local grants, EIDLs, EIDL advance grants, and other support also will NOT count for a restaurant’s 2020 “gross receipts” calculation in 2020. If these dollar totals were to be included, they would reduce the otherwise eligible grant amount for eligible restaurants.
Story Source: Restaurantbusinessonline
SBA Restaurant Revitalization Fund (RRF) applications to open on Monday 3rd may 2021 – You can check here.
RRF Grants Application form – Register Now.