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Did you know that 90,000 restaurants closed permanently in 2020 according to the NRA? But even after COVID slowed down, restaurant owners were still finding it hard to keep their business afloat.
So if you’re also struggling with your business, then you’ll want to learn about the Restaurant Revitalization Grant. Keep reading and save your small business today!
What Is the Restaurant Revitalization Grant?
The Revitalization Grant was established by the American Rescue Plan Act. The act helps eligible small businesses keep their doors open during slow times. But the revenue loss cannot exceed $10 million per franchise and no more than $5 million per location.
The grant requires no payment. But all rewarded profits must go towards the sole purpose of “Restaurant Revitalization” before March 11, 2023.
Who Is Eligible for This Grant?
Many small business owners get confused when it comes to this grant and its availability. So down below we’ve provided some examples of the qualifying small businesses:
- Food trucks
- Food carts
- Food stands
- Catering business
- Snack bars
- Tasting rooms
- Breweries or microbreweries
- Wineries and distilleries
Some of these small businesses may have some restrictions. For example, alcohol sales must be under a certain range.
And the total food sales must also meet a certain condition to be considered a restaurant. For more information, check with your vendors to ensure your food and alcohol sales meet requirements.
The application process for Restaurant Revitalization can be done with your POS vendors or on the SBA website. However, not all POS providers are participating in this grant. At the moment, these are the POS providers that are participating:
Before starting your application process, ensure you have all your documents in order. Not having these documents ready could slow down your application and payment process.
So start putting together your IRS forms, income statements, bank statements, and tax returns. And be aware that additional documents may be asked of you.
How to Use the Restaurant Revitalization Grant Properly
The funds allocated must go towards a specific cause to avoid paybacks. So before applying to the Revitalization Grant, ensure you meet these necessities:
- Catch up on payroll and sick leave pays
- Business food and raw materials
- Business expenses
- Business mortgage payments
- Business utility payments
- Business maintenance expenses
- Construction of outdoor seating
- Business supplies and materials
- Supplier costs
- Business debt payments
- Business rent payments
Get Your Business Back in Running Today
The world doesn’t stop, so be one step ahead and sign up for the Restaurant Revitalization Grant today! It could make the difference between losing your business and becoming more successful than ever before.
If you enjoyed this article, check out the rest of our website. We talk about other business-related topics that you may find helpful!