27 Apr 2021 SBA Announces Opening Date for Restaurant Program – April 30, 2021
Authored by RSM US LLP |
Today (April 27, 2021), the Small Business Administration (SBA) announced the Restaurant Relief Fund will be open for registration starting on Friday, April 30, 2021 at 9 am EDT. Applicants can register and then apply starting on Monday, May 3, 2021 at 12 pm EDT. All eligible applicants are encouraged to submit applications as soon as the portal opens, even if the applicant is not a member of a priority group.
The SBA has provided a variety of guidance for potential applicants including a sample application, a knowledge base and a program guide. Potential applications should continue to visit sba.gov/restaurants for the latest guidance.
Documents an applicant should have ready for registration and application include:
- IRS Form 4506-T, completed and signed by Applicant (digitally completed)
- Any of the following documents demonstrating gross receipts:
- Applicants that were in operation prior to or on Jan. 1, 2019, must supply documentation of gross receipts for 2019 and 2020;
- Applicants that began operations partially through 2019, must supply documentation of gross receipts for 2019 and 2020;
- Applicants that began operations on or between Jan. 1, 2020 and ending on March 10, 2021 and Applicants that have not yet opened but as of March 11, 2021, but have incurred eligible expenses, must supply documentation of gross receipts and eligible expenses for the length of time in operations.
- Acceptable documentation of gross receipts and, if applicable, eligible expenses, includes the following:
- 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: In addition to the documents in (1) above, documents evidencing that onsite sales to the public comprise at least 33% of gross receipts in 2019 included in your funding calculation, which may include Tax and Trade Bureau reports filed or to be filed that cover the period for which you are reporting gross receipts, or if applicable, eligible expenses.
- For Applicants that are an Inn: In addition to the documents in (1) above, documents evidencing that onsite sales of food and beverage to the public comprise at least 33% of gross receipts in 2019 included in your funding calculation
- For Applicants that have begun operations on or between Jan. 1, 2020 and March 10, 2021, and for Applicants that have not yet opened but as of March 11, 2021, have incurred eligible expenses may wish to submit a CPA Comfort Letter with their application as this letter provides the fastest SBA review.
The SBA is launching this program with only minimal notice of opening. Applicants should gather this information as soon as possible to be ready for opening day.
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This article was written by Mathew Talcoff, Tracy Burr, Ryan Corcoran and originally appeared on 2021-04-27.
2020 RSM US LLP. All rights reserved.
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