1851

<p>The <a href="https://1851franchise.com/how-the-19-trillion-covid-19-bill-will-impact-restaurants-2715210"><u>$1.9 trillion COVID-19 relief bill</u></a> signed into law last week includes the <a href="https://restaurant.org/downloads/pdfs/advocacy/understandingrrf?utm_source=1851franchise.com&utm_medium=article&utm_campaign=when-businesses-can-claim-286-billion-in-restaurant-relief-grants-2715265" target="_blank" rel="nofollow"><u>Restaurants Revitalization Fund</u></a>, which allocates $28.6 billion in relief for struggling restaurants. The Small Business Administration anticipates opening up the Restaurant Revitalization Fund grant applications within weeks, <a href="https://www.saverestaurants.com/news-item/schumer-blumenauer/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=when-businesses-can-claim-286-billion-in-restaurant-relief-grants-2715265" target="_blank" rel="nofollow"><u>Rep. Earl Blumenauer (D- Or.) said in a press conference with the Independent Restaurant Coalition</u></a>.</p><p>The fund will divide $23.6 billion into up to $5 million in grants for individual restaurants, bars, caterers, breweries and tasting rooms, or up to $10 million for non-publicly traded restaurant groups affiliated with fewer than 20 locations. The remaining $5 billion is available to businesses with gross receipts of $500,000 or less during 2019.</p><h4>When Will Grants Become Available?</h4><p>The official opening date for the Restaurants Revitalization Fund has not yet been set. Senate Majority Leader Chuck Schumer (D- N.Y.) said during last week’s press conference they will “urge the SBA to stand up for relief and set up the program as soon as the bill is signed into law.” Schumer also noted the Senate will first need to confirm Biden’s nominee for Deputy Administrator of the SBA, Dilawar Syed, before the program can begin.</p><p>For the first three weeks of the program, the SBA will prioritize awarding grants for small businesses owned and controlled by women, veterans, or socially and economically disadvantaged small business concerns.&nbsp;</p><h4>How Can I Apply?</h4><p>The Restaurants Revitalization Fund will be administered by the SBA, with qualifying restaurants and bars can apply on the <a href="https://www.sba.gov/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=when-businesses-can-claim-286-billion-in-restaurant-relief-grants-2715265" target="_blank" rel="nofollow"><u>official SBA website</u></a>. The SBA has not listed the fund on its database of “COVID-19 Funding Sources” and there isn’t yet a link to apply.&nbsp;&nbsp;</p><h4>Will Franchisees Qualify for the Grants?</h4><p>As long as franchisees meet the size requirements (under 20 locations as of March 13, 2020) and are not publicly traded entities, they can apply just the same as independent restaurant operators.&nbsp;</p><p>Applicants must prove they suffered a loss of revenue over the past year and cannot have a pending application for a <a href="https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/shuttered-venue-operators-grant?utm_source=1851franchise.com&utm_medium=article&utm_campaign=when-businesses-can-claim-286-billion-in-restaurant-relief-grants-2715265" target="_blank" rel="nofollow"><u>shuttered venue operators grant</u></a>.&nbsp;</p><h4>How Do I Determine the Size of the Grant?</h4><p>Businesses will be eligible to receive a tax-free grant equal to the amount of their pandemic-related revenue loss.&nbsp;</p><p>For established restaurants opened in 2018 or earlier, these grants will be calculated by subtracting a business’ 2020 revenue from their 2019 revenue, and also subtracting <a href="https://1851franchise.com/ppp-loans-round-2-now-open-how-to-apply-2714698"><u>first-</u></a> and <a href="https://1851franchise.com/ppp-loans-round-2-second-draw-now-open-how-to-apply-2714708"><u>second-draw PPP loans</u></a> received in 2020. If the restaurant wasn’t open for the entirety of 2019, grants will be calculated based on an average of 2019 and 2020 monthly revenues.</p><p>Restaurants opened in 2020 are eligible to receive funding equal to the “eligible expenses incurred” minus their first- and second-draw PPP loans received last year. If the business is not yet in operation as of the application date, it can receive funding equal to “eligible expenses incurred before the date of enactment.”&nbsp;</p><p>The maximum amount given to any eligible business is $10 million, and will be limited to $5 million per physical location of the business.&nbsp;</p><h4>What Can the Money Be Used For?</h4><p>The grants can be spent on specific eligible expenses, including payroll costs; mortgage payments; rent; utilities; maintenance expenses; supplies; food and beverage expenses; covered supplier costs; operational expenses; paid sick leave; and any other expense determined to be essential to maintaining the business.&nbsp;</p><p>Once the fund is officially open for application, it is anticipated the SBA will publish regulations on eligible expenses, as well as what paperwork restaurants will need to apply.</p>

When Businesses Can Claim $28.6 Billion in Restaurant Relief Grants

1851 Franchise

The Small Business Administration will likely open up the Restaurant Revitalization Fund grant applications within the next few weeks.

when-businesses-can-claim-286-billion-in-restaurant-relief-grants

Pet Wants

Pet Wants: Key Trends Shaping the Pet Food Industry

pet-wants-key-trends-shaping-the-pet-food-industry

petbar

Why petbar Is the Best Franchise Opportunity in the Pet Space

why-petbar-is-the-best-franchise-opportunity-in-the-pet-space

Right at Home

Corporate Leader Turned Successful Franchisee: Donn Kramer’s 10-Year Journey With Right at Home

donn-kramer-right-at-home-franchisee-journey

Griswold

Coming From Biotech Industry, Griswold Franchisee Finds New Purpose After Personal Loss

coming-from-biotech-industry-griswold-franchisee-finds-new-purpose-after-personal-loss

Dillas Quesadillas

image of dillas quesadillas franchise interior 

Why Dillas Quesadillas Is the QSR+ Brand Fans Didn’t Know They Were Waiting For

dillas-quesadillas-qsr-brand

Buying a Franchise Masterclass

 Franchise Opportunities

Get Support Buying a Franchise

How to Buy a Franchise White Paper

How to Buy a Franchise

How to Sell Franchises

How to Grow a Franchise

Find a Franchise Supplier

1851 Franchise Opportunities

Franchisor News

Franchisor Power Rankings

FranCamp Mastermind Summit

Franchise Development Website Builder

Franchise Resources

What ALEC-Laffer's Report Means for Franchising

Website Awards

Power Rankings

About 1851

Advertise on 1851

Contact 1851 Editorial

Terms of Use

1851 Login

GROWTH CLUB LOGIN

facebook

instagram

twitter

linkedin

youtube

Caribou Coffee Names Scott Kennedy CEO, Eyes Continued Growth

caribou-coffee-names-scott-kennedy-ceo-eyes-continued-growth

McDonald’s Launches New Extra Value Meals as Consumer Demand for Value Continues to Climb

mcdonalds-launches-extra-value-meals

Power Eats: Smoothie King Rolls Out Food Nationwide To Fuel Franchise Growth

smoothie-king-food-menu-power-eats

Keurig Dr Pepper Splits in $18 Billion JDE Peet’s Deal, Creating Global Coffee Giant

keurig-dr-pepper-splits-in-18-billion-jde-peets-deal-creating-global-coffee-giant

McDonald’s Rolls Out Major Value Push To Win Back Customers Amid Inflation

mcdonalds-rolls-out-major-value-push-to-win-back-customers-amid-inflation

Hooters Leans Into Franchising With Closure of 30 Company-Owned Stores - Agg - 1851 Franchise

Hooters Leans Into Franchising With Closure of 30 Company-Owned Stores

hooters-franchise-model-company-owned-closures

Hardee’s Lawsuit Highlights the Risk of Going Off-Model in Franchising

hardees-franchise-lawsuit-paradigm-investment-group

Wendy's CEO Kirk Tanner Steps Down - Breaking News - 1851 Franchise

Wendy’s CEO Kirk Tanner Steps Down Amid Challenges, Leaving Franchisees Facing Uncertainty

wendys-ceo-transition-kirk-tanner-franchisee-uncertainty

Planet Fitness Franchisees Donate $100K to Support Texas Flood Relief - 1851 Franchise

Planet Fitness Franchisees Donate $100K To Support Texas Flood Relief

planet-fitness-texas-flood-relief

Hely and Hiral Patel Bring Their Longtime Dream to Life With The Brass Tap

brass-tap-franchise-pasadena-maryland-hely-hiral-patel

Franchisee spotlight graphic with photo of Ricki Oberoi and Layne's Chicken Fingers logo

Multi-Unit Wendy’s Operator Signs 12-Unit Deal With Layne’s Chicken Fingers

ricki-oberoi-laynes-chicken-fingers-growth

How Vishal Juneja Turned a Family Tradition Into a Paris Baguette Franchise

How Vishal Juneja Turned a Family Tradition Into a Paris Baguette Franchise Built on Heart and Community

paris-baguette-franchise-rockaway-new-jersey-vishal-junjea

Young Entrepreneur Parth Patel Is Bringing Paris Baguette to the Cleveland Area

young-entrepreneur-parth-patel-is-bringing-paris-baguette-to-the-cleveland-area

When Businesses Can Claim $28.6 Billion in Restaurant Relief Grants

MORE STORIES LIKE THIS