We Sell Restaurants Announces Revitalization Grants OPENS MONDAY

Posted by Robin Gagnon on Apr 27, 2021 3:13:19 PM

 

The Small Business Administration announced today that the Restaurant Revitalization Fund will open on Monday, May 3 at noon EST.  

Restaurant operators can begin the registration process starting Friday, April 30 at 9 a.m. EST.  Operators will be able to register through the SBA RRF portaand the applications will remain open until funding runs out.

Remember that if you have questions in the registration process you can call the SBA Helpline at 1-844-279-8898.  

Copy of Single Photo Listing

This is the SBA website link with lots of information you need on this program. Review the materials here including the program guide and application form.

Here are answers to the most frequently asked questions:

Who can Apply? 

Eligible entities who have experienced pandemic-related revenue loss include:

      • Restaurants
      • Food stands, food trucks, food carts
      • Caterers
      • Bars, saloons, lounges, taverns
      • Snack and nonalcoholic beverage bars
      • Bakeries (onsite sales to the public comprise at least 33% of gross receipts)
      • Brewpubs, tasting rooms, taprooms (onsite sales to the public comprise at least 33% of gross receipts)
      • Breweries and/or microbreweries (onsite sales to the public comprise at least 33% of gross receipts)
      • Wineries and distilleries (onsite sales to the public comprise at least 33% of gross receipts)
      • Inns (onsite sales of food and beverage to the public comprise at least 33% of gross receipts)
      • Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products

 

How do you apply?

You can apply three ways:

1) Through the application portal at https://restaurants.sba.gov

2) Through SBA-recognized Point of Sale (POS) vendors including Square, Toast, Clover and NCR (Aloha).  Note:  If you are working with a POS vendor, you do not need to register ahead of time on the application portal. 

3) By phone directly with the SBA.  We recommend the other two options as we estimate a phone application will still require you to submit documents and it will be easier to accomplish this online. 

Do I need a Sam.gov account or DUNS number?

NO.  This was an early process abandoned by the SBA.  Registration with SAM.gov is not required. DUNS or CAGE identifiers are also not required.

What does the application form look like?

Click this link.  The form is uploaded here.

If you would like to prepare your application, view the sample application form. You will be able to complete this form online. Please do not submit RRF forms to SBA at this time.

What about these Priority Groups I'm hearing about?  

There is a 21 day period when only applications from restaurants owned by women, veterans or socially and economically disadvantaged individuals will be processed.  This will be from May 3 to May 24.

Priority period

Days 1 through 21

SBA will accept applications from all eligible applicants, but only process and fund priority group applications. See “Priority groups” below.

During this period, SBA will fund applications where the applicant has self-certified that it meets the eligibility requirements for a small business owned by women, veterans, or socially and economically disadvantaged individuals. 

See “Set asides” below.

Open to all applicants

Days 22 through funds exhaustion

SBA will accept applications from all eligible applicants and process applications in the order in which they are approved by SBA.

What is a priority Group?

A small business concern that is at least 51 percent owned by one or more individuals who are Women or Veterans socially and economically disadvantaged.  Applicants must self-certify on the application that they meet eligibility requirements. 

Socially disadvantaged individuals are those who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities.
Economically disadvantaged individuals are those socially disadvantaged individuals whose ability to compete in the free enterprise system has been impaired due to diminished capital and credit opportunities as compared to others in the same business area who are not socially disadvantaged.

What if I am a small volume operator? 

There are funds set aside for the smallest of operators as follows though the SBA has the authority under the legislation to reallocate those funds at their discretion.  

 
  1. $5 billion is set aside for applicants with 2019 gross receipts of not more than $500,000
  2. An additional $4 billion is set-aside for applicants with 2019 gross receipts from $500,001 to $1,500,000
  3. An additional $500 million is set-aside for applicants with 2019 gross receipts of not more than $50,000

*SBA reserves the right to reallocate these funds at the discretion of the Administrator.

How do I calculate the Grant Amount?

Calculation 1: for applicants in operation prior to or on January 1, 2019:

2019 gross receipts minus 2020 gross receipts minus PPP loan amounts

Calculation 2: for applicants that began operations partially through 2019:

(Average 2019 monthly gross receipts x 12) minus 2020 gross receipts minus PPP loan amounts

Calculation 3: for applicants that began operations on or between January 1, 2020 and March 10, 2021 and applicants not yet opened but have incurred eligible expenses:

Amount spent on eligible expenses between February 15, 2020 and March 11, 2021 minus 2020 gross receipts minus 2021 gross receipts (through March 11, 2021) minus PPP loan amounts

For entities who began operations partially through 2019, you may elect (at your own discretion) to use either calculation 2 or calculation 3.

We Sell Restaurants is working hard to distribute this information to the industry so everyone eligible may take advantage of this program. 

We will be on Clubhouse under the Food & Beverage Magazine Club at 6pm today doing an entire hour on the program.  If you need a Clubhouse invite and have an iPhone just message us for an invitation. 

Topics: Restaurant COVID19 Advice

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