What to Know About the Restaurant Revitalization Fund

Friday, May 21, 2021 – The American Rescue Plan Act established the Restaurant Revitalization Fund to provide funding to help pandemic-affected restaurants.

According to the Small Business Administration, the Fund will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.

Eligible entities who have experienced pandemic-related revenue loss include:

• Restaurants
• Food stands, food trucks, food carts
• Caterers
• Bars, saloons, lounges, taverns
• Snack and nonalcoholic beverage bars
• Bakeries (on-site sales to the public comprise at least 33% of gross receipts)
• Brewpubs, tasting rooms, taprooms (on-site sales to the public comprise at least 33% of gross receipts)
• Breweries and/or microbreweries (on-site sales to the public comprise at least 33% of gross receipts)
• Wineries and distilleries (on-site sales to the public comprise at least 33% of gross receipts)
• Inns (on-site sales of food and beverage to the public comprise at least 33% of gross receipts).
• Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products

You will need documentation to prove your eligibility:

• Business tax returns (IRS Form 1120 or IRS 1120-S)
• IRS Forms 1040 Schedule C; IRS Forms 1040 Schedule F
• For a partnership: partnership’s IRS Form 1065 (including K-1s)
• Bank statements
• Externally or internally prepared financial statements such as Income Statements or Profit & Loss Statements
• Point of sale report(s), including IRS Form 1099-K

Relevant entities will also have to prove they meet the 33% thresholds.

For more information, go to the SBA website or contact us.