According to the Small Business Administration, the Restaurant Revitalization Fund will provide restaurants with funding equal to their pandemic-related revenue loss of up to $10 million per business and no more than $5 million per physical location. A lawyer, like a Palatine, IL business law lawyer from a law firm like Bott & Associates, Ltd. knows that 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.
Knowing which documentation you need can be challenging and it may help to have a lawyer by your side who can walk you through this process. You will need documentation to prove your eligibility. This documentation may come in the form of:
- 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% threshold.
Keeping a restaurant open during hard times can be stressful, difficult, and extremely challenging. You should not feel like you need to walk this path alone. For more information, go to the SBA website or contact your local law firm.