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The Restaurant Revitalization Fund is Now Live

The COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraged movement have led to increased profitability for some manufacturers and many big-box retailers. The restaurant industry, however, has had a much harder go of it — especially smaller, privately owned businesses in economically challenged areas.

In response, the Small Business Administration (SBA) has launched the Restaurant Revitalization Fund (RRF). It was established under the American Rescue Plan Act (ARPA) signed into law in March. The RRF went live for applications on May 3, and the SBA is strongly urging interested, eligible businesses to apply as soon as possible.

Who’s eligible?

Funds are available for restaurants, of course, but also many other similar types of businesses. Food stands, trucks and carts can apply, as well as bars, saloons, lounges and taverns. Catering companies may also file an RRF application.

In addition, the program is available to snack and nonalcoholic beverage bars, as well as “licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products,” according to the SBA.

For some restaurant-like businesses, on-site sales to the public must comprise at least 33% of gross receipts. […]

By Linkenheimer LLP|2021-05-05T15:31:54+00:00May 5th, 2021|restaurant, sba|0 Comments

Apply for Restaurant Grants Starting Monday, May 3

The SBA will allow potential applicants to register and open up accounts to apply for revitalization grants starting April 30, 2021, at 9:00 a.m. EDT. Actual applications may be submitted starting Monday May 3, 2021, at noon EDT. The online application will remain open to any eligible establishment until all of the $25 billion of available funds is exhausted.

For the first 21 days that the program is open, the SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. However, all eligible applicants should submit applications as soon as the online application portal opens. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.

In preparation, the SBA recommends qualifying applicants familiarize themselves with the application process in advance to ensure a smooth and efficient application experience, specifically by:

Registering for an account in advance at restaurants.sba.gov starting Friday, April 30, 2021, at 9 a.m. EDT.
Reviewing the official guidance, including program guide, frequently asked questions, and application sample.
Preparing the required documentation.
Working with a point-of-sale vendor or visiting restaurants.sba.gov to submit an application when the application portal opens. [Note: […]

By Linkenheimer LLP|2021-04-29T15:25:29+00:00April 28th, 2021|business, restaurant, sba|0 Comments

New California Relief Grant Program For Small Businesses Opens Today

California small businesses can now begin applying for some extra relief as part of a $475 million grant program the state is offering. Round 1 for applications starts Wednesday, December 30th and runs through Friday, January 8th at 11:59pm. These grants are limited to small businesses with gross revenue under $2.5 million.

Some highlights of the grant program include:

• $475 million of funding administered by the California Office of the Small Business Advocate will be distributed by Lendistry as the Intermediary, with certain third-parties designated by Lendistry to provide additional support (“Partners”).
• Anticipate issuing grants in the following two (2) rounds of distributions:
o Round 1 – approximately $237.5 million
o Round 2 – approximately $237.5 million
• The program is not on a “first come, first served” basis.
• The application portal for each round will open for applicants for a Open to active For-Profit businesses and Non-Profits.
• Grants will range from $5,000 to $25,000 per eligible business (based on gross revenue).
• Yearly Gross revenue must be at minimum $1,000 and maximum $2.5 million.

Funds from the grant can be used to pay for an establishment’s rent, utilities, resources, employee expenses and other relevant costs.

Eligibility requirements include:

• […]

By Linkenheimer LLP|2020-12-31T01:12:49+00:00December 31st, 2020|ca, california, covid-19, New Tax Laws, small business|0 Comments