Restaurant Revitalization Fund Application

SBA RRF – Restaurant Revitalization Fund Application Registration Portal is Open

 

Starting today, April 30, 2021, you can register to open the new SBA Restaurant Revitalization Fund application portal account. This is the first step to get the new SBA restaurant grant in 2021.

Visit our website

SBA Restaurant Revitalization Fund Application Registration Page – https://restaurants.sba.gov

Link to Our SBA Restaurant Grant Video – https://youtu.be/uclrfnxqUVA

DISCLAIMER
This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos.

Freedomtax Accounting and Multiservices Inc. are providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. Freedomtax Accounting and Multiservices Inc. or its members cannot be held liable for any use or misuse of this content.

Who can apply
Eligible entities who have experienced pandemic-related revenue loss include:

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
Cross-program eligibility on SBA COVID-19 relief options

How to apply
You can apply through SBA-recognized Point of Sale (POS) vendors or directly via SBA in a forthcoming online application portal: https://restaurants.sba.gov. Participating POS providers include Square, Toast, Clover, NCR Corporation (Aloha). If you are working with Square or Toast, you do not need to register beforehand on the https://restaurants.sba.gov application portal.

Registration with SAM.gov is not required. DUNS or CAGE identifiers are also not required.

If you would like to prepare your application, view the sample application form. You will be able to complete this form online. Please do not submit RRF forms to SBA at this time.

SBA Form 3172

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 that 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 that 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.

Transcript

If you are a restaurant owner and want to start the process of getting the new SBA fund, or what people are calling it the new SBA restaurant grant, where you can get up to 10 million dollars in funding for your restaurant, that provides additional financial help for your business to get through this coronavirus pandemic, you can start the process. Today is April 30th and the SBA has opened the restaurant revitalization fund registration portal, and this is the first step you need to make in order to start the process of applying for this new SBA restaurant grant.  

If you have no idea how the new SBA restaurant grant works, we did a video in the past where we show you some details on how the program works and you can watch that video right here on the top right of this video. We’re also going to put a link to that video on the description of this video so you have more details on how this new restaurant grant program from the SBA works. But today is a very important day because you do have to take the first step. And the first step is that you need to register in the SBA portal of this new restaurant fund, okay so we’re going to show you step by step how to do that right. So, let me show you. Basically, the first step is that you need to go to the SBA website this is SBA.gov this is their homepage, basically, the next step is that you click to learn more. All right that takes you to this page see here where it says restaurant revitalization fund, you click there. This is basically a very good page where you can have all the information on how this program works. So, if you want more information on how to apply, how does it works, and how much you can apply for this is a very good page for you to read okay. Now you need to scroll down to the section that says how to apply and there’s a link here that says, restaurants.SBA.gov. You click that and it takes you to this page, okay and we’re going to put a link to this page on the description of this video, so you have easy access to it okay.  

So, this is where you basically register for the portal so you go to this page and if you haven’t created an account, you click here register to start your application. When you click there, it’s going to ask you to sign up. Basically, you need to put a username and it cannot be an email address. So, you put a username you put your email address and you create your password right then you click sign up okay. Then the next part is that they’re going to send you an email address because they want to verify your email address, the email looks like this is the email you’re going to get from the SBA. Basically, and it has a link here at the bottom. When you click that link, then it says confirm your email address and you click confirm. When you click confirm basically now, they’re going to ask for your cell phone number because now they’re going to have a two-factor authentication security process where they’re going to text you a code. So, here you put your phone number where you can receive text messages and you click verify. When you click verify, it takes you to this page where you’re going to get a text with a number code. So, that number code that you get via text you put here where it says token via SMS, you click verify and that takes you to the portal page.  

So, this is the last step you have already created your portal account. Now you cannot do the application. Today is April 30th.  Today is the first day where you can create your portal account and the application process starts Monday, May 3rd at 12 p.m. eastern time. So, you can create the portal account today but there is the application you can start doing on Monday may 3rd okay. And it gives you the information that you are going to need in order to do the application okay. Basically, they’re going to ask for your business information including the owners and their tax id numbers, your 2019 and 2020 tax returns. So, if your restaurant has not filed the 2020 return, we suggest you do it as soon as possible. Relevant PPP loan information if your business has received a PPP loan has that information available especially the amount you got, the date you got it, and the SBA PPP loan number okay. So, you can find that number on your PPP note document that you signed to get the PPP loan okay.  

Now you are going to need the bank account information because apparently, they are going to ask that you connect your business bank account with the SBA okay. So, this is a very good step that you need to start doing today all right. This is the first step in getting the new SBA restaurant grant okay. 

Thank you for watching this video. Remember, it is tax season, and we are a full-service accounting firm. We are authorized by the federal government to prepare personal tax returns and business tax returns for individuals and businesses that are located in any of the 50 US states.

So this is our contact information:

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  • Telephone: 407-344-1012
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And remember that we are part of Freedom Group, we are a group of four companies where we do tax accounting.

So we can help you in many ways.

Thank you for watching this video. Remember to subscribe to this channel and if you have received value out of this information like this video and share it with someone that can take advantage of this information.

Thank you for watching. God bless you. Bye-bye.

 

#sbarff #restaurantrevitalizationfund #sbarestaurantgrant #sbarestaurantfund

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