Last week, the SBA made a press release of the SBA Restaurant Revitalization Fund which will be available to restaurants and similar businesses – https://www.sba.gov/funding-
programs/loans/covid-19- relief-options/restaurant- revitalization-fund
As of right now, the sample application is 16 pages long and it requires a high level detail on several areas. From the information available so far, the funds will be provided as a grant to the business.
The amount of the grant will be calculated using 2019 gross receipts (sales) minus 2020 gross receipts (sales) minus PPP loan amounts (Calculation 1 for businesses in operation prior to 2019). Other calculations are available if activity started after 2019.
Restaurant Revitalization grant calc 1 (only if positive) = 2019 Gross receipts (sales) – 2020 Gross receipts (sales) – PPP (round 1 and 2)
How to apply:
Option 1 – Use the SBA website – Link Application – https://restaurants.sba.gov/
Not available yet. It should open in the next few weeks.
Option 2 – Use a recognized SBA Restaurant Partner – It will be probably the software company with the Point of Sale (PoS) system or similar. At this point, there is no list of approved SBA Restaurant Partners.
Option 3 – Telephone Via the SBA line 844.279.8898
We recommend using the SBA website (option 1) as the other options might have issues (PoS, like Square, Clover, etc., might be missing adjustments in sales or other items / Phone might be difficult to get a hold off SBA plus after the conversation they will send a paper copy for your review and signature – errors might be included and it is not easy to update).
Please, do not hesitate to contact us if you have questions and feel free to share this information with your contacts.