According to the Small Business Administration, the Restaurant Revitalization Fund will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.

  • 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.

You will need documentation to prove your eligibility:

  • 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.
  • Relevant entities will also have to prove they meet the 33% thresholds.

For more information, go to the SBA website or contact us.

As we have been doing with all coronavirus legislation and IRS and SBA guidance during these past several months, we will be sure to update you with any additional insight as soon as possible. Continue to check back here for the most up to date tax information and changes in response to coronavirus. Click here for all of your coronavirus resources.  If you have questions about this or related topics contact an MCB Advisor at 703-218-3600 or click here. 

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