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What Restaurants Need to Know Ahead of Its Anticipated Launch This week the Small Business Administration ( SBA) provided guidance on how the $28.6 billion Restaurant Revitalization Fundwill work. The Restaurant Revitalization Fund provides for qualified restaurants and other food establishments to obtain tax-free federal grants ( Grants) of up to $10 million to replace the loss of revenues resulting from the pandemic. Unlike the SBA’s Paycheck Protection Program ( PPP) in which applications were submitted to and processed by participating banks and other financial institutions, the Restaurant Revitalization Fund will be administered directly by the SBA. Restaurants and other qualified food establishments anxiously await the rollout of the Restaurant Revitalization Fund amid estimates that the $28.6 billion will cover less than 25 percent of the more than $120 billion that would be required to award Grants to all qualified eating establishments. While we stil ....
Who Is an Eligible Entity? A restaurant, food stand, food truck, food cart, caterer, saloon, inn, tavern, bar, lounge, brewpub, tasting room, taproom, licensed facility or premise of a beverage alcohol producer where the public may taste, sample, or purchase products, or other similar place of business in which the public or patrons assemble for the primary purpose of being served food or drink; including an entity located in an airport terminal or that is a Tribally-owned concern. Who Is Not an Eligible Entity? An entity described above that: Is a state or local government-operated business; As of March 13, 2020, owns or operates (together with any affiliated business) more than 20 locations, ....