TALLAHASSEE, Fla. (WTXL) — Registration for the Small Business Administration’s (SBA) Restaurant Revitalization Fund opens at noon on Monday, May 3, 2021.
The $28.6 billion grant program is specifically designed to help restaurants whose business has significantly dropped because of closures and crowd size restrictions due to COVID-19. If you are a restaurant owner and need financial support, you can apply today.
Three key steps to apply:
1. Register for the Program. Visit SBA.gov/restaurants to find out if you’re eligible for a grant. This site has all of the documents and instructions you’ll need. If you are eligible, you can register for the program now at Restaurants.SBA.gov, which will make it easier to apply once the application process opens.
2. Make sure you have all the necessary information to apply. Restaurant owners that were open before 2020 will first need their Employer Identification Number, Social Security Number, or Individual Taxpayer Identification Number, as well as an address for yourself and anyone that owns more than 20 percent of your business. You will also need:
- PPP Loan numbers
- 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%, 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)
- Proof of your approved reorganization plan if you have filed for bankruptcy
- Gross receipts documentation, which are documents demonstrating gross receipts and eligible expenses, which include business tax returns (IRS Form 1120 or 1120-S), IRS Forms 1040 Schedule C or F, partnership IRS Form 1065 (including K-1s), bank statements, financial statements, such as income statements or profit and loss statements, and IRS Form 1099-K
Applicants who opened restaurants in 2020 will need three months of bank statements, filed or prepared 2020 federal tax returns filed, 2020 and 2021 point of sales reports, a CPA comfort letter, payroll documents (941s), outdoor seating expenditures invoices and payments, and business debt lender loan statements.
Owners of a taproom, brewery, pub, tasting room, winery, distillery, or bakery will need documents that show evidencing that show onsite sales to the public comprise at least 33 percent of gross receipts for 2019, which may include Tax and Trade Bureau (TTB) Forms 5130.9. For businesses who opened in 2020, the applicant’s original business model should have projected at least 33 percent of gross receipts in onsite sales.
Hotel/motel owners will need documents showing that onsite sales of food and beverage to the public comprise at least 33 percent of gross receipts for 2019. For businesses who opened in 2020, the applicant’s original business model should have projected at least 33 percent of gross receipts in onsite sales.
3. If you need help with your application, reach out to the SBA. The agency’s call center support is available at 1-844-279-8898 Monday through Friday from 8:00 a.m. to 8:00 p.m. ET, and you can also contact your local SBA District Office.
