Business & Real Estate

Restaurant Revitalization Fund available to qualified businesses

Applications are set to be offered next month for the Small Business Administration’s Restaurant Revitalization Fund, which provides emergency assistance to eligible restaurants, bars and other qualifying businesses impacted by the COVID-19 pandemic.

The fund will give restaurants money 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 funds as long as the money covers eligible uses no later than March 11, 2023.

To deduce payment calculations (separate calculations for businesses opened mid-2019 or in 2020), subtract 2020 gross receipts and Paycheck Protection Program loan amounts from 2019 gross receipts.

Applications are expected to be available next month, with a priority period for businesses owned by women, veterans and socially and economically disadvantaged individuals.

Participating businesses can prepare by filling out an application form, which requires the following documentation.

• Verification of tax information: IRS Form 4506-T, completed and signed by applicant. Completion of the form digitally on the Small Business Administration’s platform will satisfy this requirement.

• Gross receipts documentation: Any of the documents demonstrating gross receipts and, if applicable, eligible expenses, including business tax returns (IRS Form 1120 or 1120-S).

• IRS forms: 1040 Schedule C; 1040 Schedule F.

• Partnership information: IRS Form 1065 (including K-1s).

• Bank statements.

• Financial statements: Externally or internally prepared statements such as income statements or profit and loss statements.

• Point of sale report(s): IRS Form 1099.

Restaurant Revitalization Fund available to qualified businessesTo receive email alerts from the Small Business Association and for more information, call (844) 279-8898 5 a.m. to 5 p.m. weekdays.

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