The Small Business Administration’s website for Restaurant Revitalization Fund applications went live over the weekend, but the funding round has not yet begun. The website also includes a sample application and program guide for the RRF so operators can better prepare for submitting their application, which the SBA suggests operators do immediately on the first day applications go live since demand will likely outstrip first round funding availability.
According to the application, acceptable gross receipts for calculating the funding amount include business tax returns (IRS Form 1120 or IRS 1120-S), IRS Forms 1040 Schedule C, IRS Forms 1040 Schedule, and (if applicable) partnership’s IRS Form 1065, Bank statements, externally or internally prepared financial statements such as Income Statements or Profit and Loss Statements, and point of sale reports including IRS Form 1099-K.
Applicants that are a brewpub, tasting room, taproom, brewery, winery, distillery, or bakery are required to provide evidence that onsite food and beverage comprises of at least one-third of your total sales. Inns must provide the same evidence in addition to documentation that shows 33% of gross receipts for prior years in business.
The program guide just published by the SBA, meanwhile, answers questions and clears up information on who is eligible, how the calculation works, and how to get help filling it out.
See more information on what the SBA’s Restaurant Revitalization Fund application will look like on Restaurant Hospitality.
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