06 Apr Restaurant Revitalization Fund • Opening April 2021
The Restaurant Revitalization Fund is part of the recently passed American Rescue Plan Act that will provide $28.6 billion in grants to restaurants and bars in need. This is an entirely NEW Fund and is different from the COVID-19 CHIRP Grant.
The Restaurant Revitalization Fund is scheduled to open sometime in April (exact date not yet available).
Details of the Fund are slowly rolling out, however right now it looks like the funds may be used to pay for the following eligible expenses:
- Payroll costs;
- Principal and interest payments on a mortgage, not including any prepayments on principal.
- Rent payments, not including prepayments;
- 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; and
- Any other expenses the SBA determines to be essential to maintaining the eligible entity.
Here are some things that you can do right now to prepare yourself once the Fund goes live. If you don’t already have one, you will need a .gov Account #. They are no longer requiring a DUNS Account # or a SAM Account #.
Here’s the process:
- First, create a login.gov account, which helps you interact with the SBA and other federal agencies
- Sign up to receive a DUNS number, usually takes 1-2 days.
- Using your login.gov email, DUNS number, and standard business info (Taxpayer ID # and Taxpayer Name), register with the System of Award Management (SAM). It can take up to 2 weeks to be fully set up on SAM.
It is also recommend that you have the following accounting information available:
- 2019 Gross revenue receipts
- 2020 Gross Revenue receipts
IMPORTANT: Keep in mind that PPP Loans DO count as revenue, however EIDL Loans DO NOT.
I would strongly encourage you to visit the US Chamber website as it does a really nice job explaining the program and has a very good YouTube video to further explain the program and process.