The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide relief funds to restaurants and other food establishments so they can remain open. The $28.6 billion RRF will provide eligible entities with grants equal to their pandemic-related revenue loss, up to $20 million per business and no more than $5 million per physical location. Recipients are not required to repay the funds as long as they are used towards eligible costs before March 11, 2023.
Fund application submissions began today, Monday May 3, 2021, at 12 PM EDT. This could be a significant step forward for restaurants that suffered a downturn in business over the past year.
To follow are the basics:
- Registration began on Friday, April 30, 2021, and applications officially opened on May 3.
- Eligible establishments include restaurants, food stands/trucks, caterers, bars, bakeries, brewpubs, wineries, inns, etc. Basically, any establishment that serves food/drink on-site may apply.
- Eligible for difference between 2020 & 2019 gross receipts less PPP funds received.
- Applicants cannot have filed for bankruptcy or closed permanently.
- Funds can be used on expenses incurred between February 15, 2020- March 11, 2023.
To apply, you will need the following:
- Documentation of 2019 & 2020 Gross Revenue. Tax Returns are ideal, but we can use financial statements, point of sale reports, or bank statements in lieu of 2020 returns if they aren’t completed yet.
- Number of Locations.
- First and Second Draw Paycheck Protection Program (PPP) Loan numbers and amounts. To identify PPP amounts, visit the FederalPay SBA PPP Data Lookup.
- Personal Information of all who own 20% or more of the company, including name, email address, address, and SSN.
- Banking information and online banking login to link to SBA.
Contact Us for Assistance
The Innovative CPA Group is readily available to assist restaurant and food and beverage business owners with the fund application process. If you have any questions about eligibility or would like assistance preparing documentation, please contact us at 203-489-0612 or via our contact form.