Sunday May 16, 2021

Restaurant Revitalization Fund

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Senator Dick Anderson

Neighbors,
We are dedicating this newsletter to the restaurant revitalization fund details for all the bars, restaurants, bakeries, brewpubs, and food trucks up and down the coast. The SBA is doing virtual meetings to walk people through the process, but my staff was able to put this little scenario that will quickly walk you through the process and what to get ready to apply for when the window opens.
I know how important the service industry is to our coastal communities as well as being the gathering place in small towns up and down Senate District 5. I hope you will be able to advantage of the grant funds coming available to help get the doors open and folks employed again.
Kind regards,
Restaurants will all be eligible. The key is the 33% onsite sales for breweries and tasting rooms. Make sure you meet that threshold and you have documentation to that end.
Ineligible businesses are government, Nonprofit, closed businesses that do not intend to open, public traded companies, and you cannot have more that 20 locations.
The simplest calculation is going to be based on companies that were in operation prior to 2019.
As you can see from above you can get up to $5 million per location and the minimum you can get is $1000.
To give you an idea; You did $100,000 in 2019 and then did $50,000 in 2020, but you received $10,000 in PPP loan at some point in 2020 then you would be eligible for up to $40,000 in an SBA grant with the RRF program.
As you can see with the above slide, the uses of the funds are pretty liberal. It is intended to get you back on your feet or reimburse you for expenses that you had to incur during the COVID outbreak. The reporting of the use of funds and how the SBA will track that process is not known at this time.
There is a strong effort in this funding to get funds to small operators as you can see with the above slide on funding.
The two point of sale vendors that the SBA is working with right now are SQUARE and TOAST. If your company uses one of these platforms they will be able to help you submit applications right through your point of sale system (apparently, don’t hold me to that). They really do not recommend calling as that process will be slower and more difficult.
It is recommended that you get with your accountant to gather the documentation and have it all ready to upload when you do your application. Other docs that will be needed are below.
Now you ask, when can we apply. U.S. Small Business Administration will begin registrations on Friday, April 30, 2021, at 9am EDT and open applications on Monday, May 3, 2021, at 12pm EDT for the Restaurant Revitalization Fund. The online application will remain open to any eligible establishment until all funds are exhausted.
We put these slides below for you to review. The key to determine if you are a socially disadvantaged group is up to you to determine. One of the groups not mentioned but discussed would be a blind business owner who would be considered socially disadvantaged.
Hopefully this gives you some understanding of what you will need, the amount you might be able to get in grant funds and when you need to be ready to apply – REMEMBER once the portal opens it will be done on a first come – first serve basis.
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