Restaurants (and Bars) Rejoice!
Our friends in food service have gotten nimble over this past year. Now there’s forgivable funding for those forging forward.
The SBA announced that registration will open through their portal beginning Friday, April 30, 2021. Applications can be submitted starting Monday, May 3, 2021, although there will be approval priority given to businesses of certain qualifications. Once the funds run out, the program is over – so don’t wait to enter your application.
“This program 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.” – SBA
Who Can Apply?
- 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
The application is based on 2019 and 2020 Gross Receipts. Reach out to us with questions or assistance in preparations.
For more detail, go directly to the SBA Announcement.
Cheers!
