WICHITA, Kan. (KSNW) – Applications for the Restaurant Revitalization Fund went live on Monday for any foodservice business impacted by the pandemic. The Small Business Administration [SBA] says $28.6 billion are available through the American Rescue Plan.
“The idea is that these are small businesses that have been really hit hard by the pandemic,” said Wayne Bell, district director for the Small Business Administration.
Bell says the funds will not need to be paid pack, but once a year, applicants will have to attest how the funds were used.
“Whether it was inventory, payroll, you know other expenses so there are a host of business expenses that are eligible,” he said.
Bell stated business owners cannot use the funds to open up a new location or expand on their current one. The SBA says it is processing applications from women, veterans, and socially or economically disadvantaged businesses.
“Often these businesses that are in underserved communities often they don’t get the information, often they are kind of left out of the process,” said Bell. “That was a big complaint and a big criticism in regards to the paycheck protection program that a lot of our really small businesses didn’t get a chance to take part at least in the first round.”
“The SBA wants to do better in terms of reaching those communities and so we’ve made it a priority that those communities would at least be served first in terms of processing their applications,” Bell said.
The owner of An-Ex Bar and Grill said he hopes the funds will help him bring his furloughed staff back to work.
“I’m gonna try, I want to do my very best,” said Wade Richards, owner of An-Ex Bar & Grill.
The SBA says business owners should apply for the aid as soon as possible, he believes the funds will be exhausted quickly.
Who can apply:
Eligible entities who have experienced pandemic-related revenue loss 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
Additional documentation required:
- Verification for Tax Information: IRS Form 4506-T, completed and signed by Applicant. Completion of this form digitally on the SBA platform will satisfy this requirement.
- Gross Receipts Documentation: Any of the following documents demonstrating gross receipts and, if applicable, eligible expenses
- 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:
- Documents evidencing that onsite sales to the public comprise at least 33.00% of gross receipts for 2019, which may include Tax and Trade Bureau (TTB) Forms 5130.9 or TTB. For businesses who opened in 2020, the Applicant’s original business model should have contemplated at least 33.00% of gross receipts in onsite sales to the public.
For applicants that are an inn:
- Documents evidencing that onsite sales of food and beverage to the public comprise at least 33.00% of gross receipts for 2019. For businesses who opened in 2020, the Applicant’s original business model should have contemplated at least 33.00% of gross receipts in onsite sales to the public.
For more information about the Restaurant Revitalization Fund, click here.