On March 11, 2021 President Biden signed into the law the $1.9T American Rescue Plan. Embedded in the plan is the Restaurant Revitalization Fund. Here are the details:
Restaurant Revitalization Fund:
- $28.6 Billion
- For any restaurant, coffee shop, brewery, deli, caterer, food trucks, and more
- This is a “grant” program, not a loan
- Publicly traded companies are ineligible
- Franchisees are eligible, as long as they own less than 20 locations.
What you need to know:
- You need a D-U-N-S Number
- This is free, but mandatory
- Click here to get yours if you don’t already have one.
- You need a System for Award Management (SAM) Number
- This is free, but mandatory
- Click here to get yours if you don’t already have one.
- This can take up to two weeks to get – so don’t delay
How will your grant amount be calculated?
- This is a dollar for dollar “replenishment” grant.
- What does that mean?
- You will have to submit your 2019 gross revenue and your 2020 gross revenue. The difference between the two will equal your grant – max of $10M.
- What if I got PPP money in 2020, do I have to count that? Yes you do. Both first draw and second. That would count toward your gross revenue.
How do I get more information?
- This will be administered by the SBA. Check their website here for more information.
- Here is a Fact Sheet to help as well.