QUICK TIPS: Restaurant Revitalization Fund

The U.S. Small Business Administration announced today the first round of technology partners participating in a new initiative for the Restaurant Revitalization Fund (RRF) - a program that will allow eligible restaurants and other food establishments to access the RRF application or data they need to fill out the application through their trusted point-of-sale (POS) service providers. SBA is proud to announce partnerships with Clover point-of-sale in this groundbreaking effort to provide a customer-centric approach to the delivery of relief funds.

Who Is Eligible?

 

Eligible with onsite sales to public at least 33% of gross receipts

  1. Bakeries

  2. Brewpubs, tasting rooms, taprooms

  3. Breweries and microbreweries

  4. Wineries

  5. Inns (Air BnB does not qualify)

  1. Restaurants

  2. Food stands, trucks, and carts

  3. Caterers

  4. Bars, saloons, lounges, and taverns

  5. Snack and nonalcoholic beverage bars

  6. Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample the products for purchase

What can the RRF be used for?

7. Construction of outdoor seating

8. Business supplies (including protective equipment and cleaning materials)

9. Business food and beverage expenses (including raw materials)

10. Covered supplier costs

11. Operating expenses

  1. Business payroll costs

  2. Payments on any business mortgage obligation

  3. Business rent payments

  4. Business debt service

  5. Business utility payments

  6. Business maintenance expenses

When can I apply?

Applications open May 3rd, 2021 and are open for all applicants, but for the first 21 days, only those in priority groups will be processed. The priority groups include women, veterans, or socially and economically disadvantaged individuals. If you have multiple owners that together you are 51% of the priority group then you may select that you are in the priority group.

What do I need to apply?

General Information:

  1. SBA form 3172

Additional Information

  1. Verification of tax information IRS form 4506-T, completed and signed by the applicant. Completion of this form digitally on the SBA platform will satisfy the requirement.

Gross Receipts Documentation:

  1. Business tax IRS 1120 or IRS 1120-S

  2. IRS forms 1040 Schedule C, 1040 Schedule F

  3. For a partnership: partnership’s IRS form 1065 (including K-1s)

  4. Bank statements (3 months)

  5. Externally or internally prepared financial statements: income statements or profit and loss statements

  6. POS reports including IRS form 1099-K

You will be able to pull your information from your Clover system, we will provide information on this as it becomes available to us.

Paul Hadfield