Registrations Will Begin on Friday, April 30
The Small Business Administration (SBA) today announced that registrations for the Restaurant Revitalization Fund will begin on Friday, April 30 at 9:00 a.m. EDT. Applications will be accepted starting Monday, May 3, at 12:00 p.m. EDT. The online application will remain open to any eligible establishment until funds are exhausted.
We encourage all breweries that are planning on applying for funds to revisit the sample application on SBA’s website and collect the documentation required to apply as soon as possible.
In preparation, 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 9:00 a.m. EDT
- Reviewing the official guidance, including program guide, frequently asked questions, and application sample
- Preparing the required documentation. Acceptable documentation of gross receipts and, if applicable, eligible expenses, includes the following:
- 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 and Loss Statements
- Point of sale report(s), including IRS Form 1099-K
- For applicants that are a brewpub, tasting room, taproom, brewery, winery, distillery, or bakery: In addition to the documents above, provide documents evidencing that onsite sales to the public comprise at least 33% of gross receipts in 2019 included in your funding calculation. The SBA has not specified what documentation is required, aside from indicating that documentation may include Alcohol and Tobacco Tax and Trade Bureau monthly or quarterly reports of operation filed or to be filed that cover the period for which you are reporting gross receipts, or if applicable, eligible expenses. Brewery electronic records of sales may provide additional evidence to substantiate the 33% gross receipts threshold, if available.
- Working with a point-of-sale vendor or visiting restaurants.sba.gov to submit an application when the application portal opens. Last week, SBA is announced partnerships with Clover, NCR Corporation, Square, and Toast.
- Attending a live recorded virtual training webinar
- Wednesday, April 28 | 1 p.m. EDT | Register here
- Wednesday, April 28 | 2:30 p.m. EDT | Register here
For the first 21 days that the program is open, SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. All eligible applicants are encouraged to submit applications as soon as the portal opens. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.
Consistent with the legislation and the intent of Congress, SBA continues to take steps to ensure the equitable distribution of relief, particularly for the smallest businesses, by creating a $9.5 billion set-aside: $5 billion for applicants with 2019 gross receipts of not more than $500,000; $4 billion for applicants with 2019 gross receipts from $500,001 to $1,500,000; and $500 million for applicants with 2019 gross receipts not more than $50,000. As we stated above, the online application will remain open until the funds are exhausted.
The RESTAURANTS Act (H.R. 793/S.255) is legislation that would expand to the size of the fund to $120 billion. The Brewers Association encourages (BA) breweries to contact their members of Congress and ask them to co-sponsor this bill and help ensure that the program is fully funded. Use the BA’s Contact Congress form to connect with your legislator today.
The BA will continue to update you as new information about the Restaurant Revitalization Fund is made available.