So, what else does this mean for your restaurant business? It means if the COVID-19 pandemic has adversely affected your food business, you have access to $28.6 billion in funding designed to help you. Those funds, administered by the Small Business Administration, will be distributed in the form of a grant, tax-free. The amount of the grant is calculated based on gross receipts, equal to the amount of revenue lost during the pandemic. Businesses that can apply include:
- Food stands, food trucks, food carts
- 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
Certain restrictions and caps do apply. Check with the Small Business Administration and read the fine print. Grants are limited to no more than $10 million per business. Applications are now open. Check the SBA web site for more information. Keep in mind, the funds are limited and once they run out, that’s it. So hurry and apply.
The grant you receive can be used for multiple purposes including covering the costs of payroll, rent, and maintenance, including construction to accommodate outdoor seating. If you installed or are planning to install outdoor dining areas, now is the time to do so! The Restaurant Revitalization Fund is designed to help your business recover from the pandemic. Act now by going to the SBA website at: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund to find out how you can apply and for more information.
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