There is so much inside the American Rescue Plan for Small Businesses and other Federal & State support programs that we are breaking them down into updates by program. 

Please share with those who can benefit
UPDATE 2

The Restaurant Revitalization Fund, part of the American Rescue Plan Act, will provide $28.6 billion in grants to restaurants and bars in need. This fund will offer grants to hard-hit restaurants and bars, with restaurants able to apply for grants based on lost revenue. Five billion dollars of that total will be set aside expressly for businesses with 2019 gross receipts of less than $500,000.

Most restaurants and bars that lost revenue in 2020 versus 2019 will be eligible to apply for grants. These types are eligible:

– 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
 
These are not eligible:
1) any restaurant or bar that is part of a publicly-traded company
2) any restaurant owned by a state or local government owners that operate more than 20 restaurants (if you are the owner of a franchise and you do not control more than 20 locations, you are likely eligible to apply)

What you need to know and do:

1) Because these are grants, not loans, the application will be done directly through the SBA and not through a bank. 
2) Funds may be used to pay for these expenses incurred between February 15, 2020, to December 31, 2021:

  • payroll costs
  • principal and interest payments on a mortgage, not including any
  • prepayments on principal
  • rent payments, not including prepayments
  • utilities
  • maintenance expenses including construction to accommodate: outdoor seating and walls, floods, deck surfaces, furniture, fixtures, and equipment supplies including personal protective equipment and cleaning materials
  • food and beverage expenses within the eligible entity’s scope of normal business practice before the covered period, which runs from Feb. 15, 2020, through Dec. 31, 2021, or another date as determined by the SBA
  • covered supplier costs
  • operational expenses
  • paid sick leave
  • any other expenses the SBA determines to be essential to maintaining the eligible entity

Application Prep:

This grant application is scheduled to open early April and roll out in stages. Applicants should complete these steps now in prep to submit an application. The prep may take two weeks to complete.

1. Sign up for a DUNS # OR validate if you already have one – allow one to two business days for this step.

2. Register with SAM (Systems for Awards Management) – allow up to 2 weeks for approval. Watch the new YouTube training on SAM.gov registration for the SVOG. Note: This video was made for the SVOG, but it is the exact same process to follow if you are instead interested in the RRF.
3. Create a login.gov profile.
4. Work with an accountant to prepare paperwork that clearly shows your gross revenue loss in 2020 as compared to 2019.
5. Keep checking SBA’s COVID-19 relief options web portal for upcoming instructions from the SBA.

6. Check out this on-demand webinar from the National Restaurant Association for a comprehensive overview of the Restaurant Revitalization Fund.

Find more information is also available here:

Download this information and links in a PDF file here.

Sign up for no cost confidential consulting to help you on your journey click here. Or reach out to your CPA.

American Rescue Plan for Small Businesses 

1) $7.25 billion additional for the Paycheck Protection Program, including to expand eligibility to additional nonprofits and digital news services. NOW extended to May 31, 2021.

2) Additional funds are allocated for the Shuttered Venue Operators Grant program (SVOG), and now allows businesses to apply for BOTH a PPP loan after Dec. 27, 2020 and the SVOG.

3) $15 billion additional for Targeted Economic Injury Disaster Loan Advance (EIDL) payments, including NEW $5 billion for Supplemental Targeted EIDL Advance payments for those hardest hit.

4) The National Restaurant Association hosted a webinar view here that discusses the Restaurant Revitalization Fund (RRF) which will feature $28.6 billion for restaurants with 20 or fewer locations, and will be administered by the U.S. Small Business Administration (SBA).

 

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