|
Relief for the Restaurant Industry — The Restaurant Revitalization Act (RRA)
The ARPA provides $28.6 billion in grants designed to support the recovery of small and medium-sized food and beverage businesses. The grants will be awarded by the SBA, and individual
businesses are eligible to receive up to $5 million in grants, while businesses with up to 20 locations are eligible for a maximum of $10 million.
Eligibility Information
·
Any restaurant is eligible if
it’s considered a place where the public or patrons can gather for the primary purpose of being served food or drink.
·
Businesses that are not eligible include
·
State or local government-operated businesses
·
Businesses, that as of March 13, 2020, own or operate more than 20 locations
·
Publicly traded companies
·
Businesses with a pending application for or have received a grant as part of the “Save our Stages Act.”
Eligible Expenses
·
Payroll costs
·
Rent payments
·
Utilities
·
Maintenance expenses (including the construction of outdoor seating and wall, floors, deck surfaces, furniture, fixtures, and equipment)
·
Supplies, food, and beverage expenses that are within the scope of normal business practice
·
Operational expenses
·
Paid sick leave
·
Covered supplier costs and covered operational expenditures (as defined by the SBA under the PPP program)
·
Any other expenses deemed essential by the SBA.
Prioritization
For an initial 21-day period, the SBA will prioritize awarding grants for small business concerns owned and controlled by women, veterans, or socially and economically disadvantaged
small business concerns.
Covered Period
·
Eligible expenses are those incurred from February 15, 2020, to December 31, 2021, or a date determined by the SBA. If all grant funds are not spent by
the business, or the business permanently closes before the end of the covered period, the business must return unused funds to the Treasury.
·
The updated coverage period for the Restaurant Revitalization Grant Fund may be extended by 14 months to March 2023.
Application Process
·
Details on how to apply have not yet been made available by SBA.
·
To apply for a grant, businesses must make a “good faith certification” that the uncertainty of current economic conditions make it necessary for them to
request a grant to support their ongoing operations and that they have not applied for or received any grants that are part of the Save our Stages Act
How to Prepare to Apply
1.
Register in SAM.gov
3.
Work with your accountant to prepare paperwork that shows your gross revenue loss in 2020 as compared to 2019.
For a webinar breaking down this information click
here.
For an FAQ created by the National Restaurant Association click
here.
Source: National Restaurant Association.
|
Recent Comments