Restaurant Revitalization Fund

Mar 12, 2021

Subject: RE: American Rescue Plan - Local Government Funding

The SBA will be tasked with establishing the program and processing the grant applications. Guidance on that is expected to be forthcoming in the next few weeks. We will be pushing out the information and very likely hearing from many restaurants in the interim of applications opening. We can be sure to loop you in as the information becomes available.

 

General Outline of the Restaurant Revitalization Fund is as follows:

 

Eligibility

  • restaurant, food stand, food truck, food cart, caterer, saloon, inn, tavern, bar, lounge, brewpub, tasting room, taproom, licensed facility or premise of a beverage alcohol producer where the public may taste, sample, or purchase products, or other similar place of business in which the public or patrons assemble for the primary purpose of being served food or drink; AND
  • Operates 20 or less locations as of March 13, 2020
  • Is not operated by state or local government
  • Did not receive Economic Aid  to Hard Hit Small Businesses, Nonprofits, and Venues Act Funding
  • Is not a publicly-traded company

 

Funding Amounts

  • Grant amount will be equal to the pandemic related revenue loss
  • Up to $10,000,000 and no more than $5,000,000 per location

 

The awarded grant funds can be used for the following expenses incurred as a direct result of, or during, the COVID–19 pandemic

  • Payroll costs.
  • Payments of principal or interest on any mortgage obligation (which shall not include any prepayment of principal on a mortgage obligation).
  • Rent payments, including rent under a lease agreement (which shall not include any prepayment of rent).
  • Utilities.
  • Maintenance expenses, including—
  • construction to accommodate outdoor seating; and
  • walls, floors, deck surfaces, furniture, fixtures, and equipment.
  • Supplies, including protective equipment and cleaning materials.
  • Food and beverage expenses that are within the scope of the normal business practice of the eligible entity before the covered period.
  • Covered supplier costs, as defined in section 7A(a) of the Small Business Act (as redesignated, transferred, and amended by section 304(b) of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Public Law 116–260)).
  • Operational expenses.
  • Paid sick leave.
  • Any other expenses that the Administrator determines to be essential to maintaining the eligible entity.

 

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