SBA Program Update (Including Restaurant Recovery Program)

The US Small Business Administration has set aside funds to assist restaurants and other eligible entities that have been impacted by the COVID-19 pandemic and subsequent economic downturn through the Restaurant Recovery Program (RRP). View program details here. Applications for this program can be accessed at https://restaurants.sba.gov/

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

For the first three weeks of the program, the SBA is prioritizing businesses that are more than 51% owned by women, veterans, or members of a minority group. Applications open on Monday, May 3, 2021 at 11am Central Time and the priority period will last for 21 days thereafter.

The RRP program is focusing assistance on businesses that did not have access to or eligibility for previous relief programs. As such, the SBA has set aside:

· $4 billion for applicants with 2019 gross receipts of $500,001 to $1,500,000

· $5 billion for applicants with 2019 gross receipts of less than $500,000

· $500 million for applicants with 2019 gross receipts of less than $50,000

*Gross receipts does not include previous amounts received from PPP, EIDL, state and local grants, or SBA Section 1112 payments