Where do I apply for restaurant Revitalization Fund?
Register for the Program. If you are eligible, you can register for the program now at Restaurants.SBA.gov, which will make it easier to apply once the application process opens.
How much is in the restaurant Revitalization Fund?
The U.S. Small Business Administration (SBA) announced the closure of the Restaurant Revitalization Fund (RRF) after awarding the program’s full $28.6 billion appropriation to more than 100,000 restaurants, bars, and other businesses that provide on-site food and drink.
Is the restaurant Revitalization Fund forgivable?
Unlike PPP loans, RRF grants are not forgivable loans but are treated as government grants. If they have not yet fully spent their grant, they will need to complete annual reporting submissions until the proceeds are fully spent or until March 11, 2023.
How long does it take to get approved for restaurant Revitalization Fund?
Approved applicants should expect an average of 14 days for processing, review, approval, and funds distribution, the SBA said.
How is restaurant revitalization grant calculated?
The grant amount is calculated by taking your eligible expenses and subtracting the gross receipts. This means that for businesses that opened after 2019 to be eligible for an RRF grant, they must have operated at a loss (negative net profit).
Is Restaurant revitalization fund taxable?
Taxability. For federal tax purposes, the RRFG is not taxable income nor shall any deduction be denied for such eligible expenses. Effectively, there are no federal tax consequences with the RRFG.
Who is not eligible for restaurant Revitalization Fund?
Entities that are NOT eligible: Entities that as of March 13, 2020, own or operate (together with any affiliated business) more than 20 locations, regardless of name or type of business at those locations. Permanently closed businesses. Entities with expired EINs, SSNs, or ITINs.
Is Restaurant Revitalization Fund taxable income?
What is eligible expenses for RRF?
“Eligible Expenses” under the RRF include payroll costs (including group health care contributions); principal or interest on mortgage obligations and other debt service (but not prepayment of principal); current and past-due rent (but not prepayment); utilities; maintenance expenses; including FF&E purchases; …
How is restaurant Revitalization Fund calculated?
This calculation generally involves subtracting 2020 gross receipts from 2019 monthly average gross receipts multiplied by 12, and subtracting any PPP loans received.
How much can you get for a restaurant revitalization grant?
The total amount of grants an eligible entity or affiliated group can receive is $5,000,000 per location with a max of $10,000,000 in total. How Can the Funds be Used? The grant funds can be used for certain qualified expenditures related to the operations of the business from February 15, 2020 to December 31, 2021.
What does the SBA restaurant revitalization fund do?
The Restaurant Revitalization Fund (RRF) is a federal program run through the Small Business Association that will provide tax-free grants specifically for the food services industry to help cover any pandemic-related revenue loss.
What does the American rescue plan Act do for restaurants?
Program details The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open.
Is there a program to start a restaurant?
Start your business in 10 steps. This program provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19. Applications are now closed.