The Independent Restaurant Coalition (IRC) was formed during the COVID19 pandemic to give a voice to 500,0000 local restaurants and bars and the 11 million people they employ across the country. As a result of IRC’s efforts, a $28.6 billion restaurant and bar grant program administered by the U.S. Small Business Administration (SBA) will be made available soon through the American Rescue Plan.
Note: Restaurant Revitalization Fund applicants no longer need to sign up for a SAM.gov account or have a DUNS number. Stay tuned for more updates.
Food service or drinking establishments, including caterers, brewpubs, taprooms, and tasting rooms, that are not part of an affiliated group with more than 20 locations are eligible to apply. An entity cannot be publicly traded or have a pending application under the Save our Stages program and there are limits on the participation of private equity funds.
Payroll and benefits (not including employee compensation exceeding $100,000/year), mortgage (no prepayment), rent (no prepayment), utilities, maintenance, supplies (including protective equipment and cleaning materials), food, operational expenses, covered supplier costs as defined by the SBA under the PPP program, sick leave, and any other expenses deemed essential by the Administrator.
Covered Period – Grants can be spent on eligible expenses from 2/15/20 through 12/31/21 and the Administrator may extend the period through two years from enactment if conditions warrant.
Grants may be used in alongside Payroll Protection Plan (PPP), Economic Injury Disaster Loans (EIDL), and the Employee Retention Tax Credit to help vulnerable businesses survive the remainder of the pandemic.
While the SBA prepares to stand up the program, businesses should take steps to organize the materials necessary to submit an application once it is available.
Calculate your anticipated grant funding:
- For restaurants in operation before 2019: Take your 2019 gross revenues minus 2020 gross revenue and subtract the total amount of your PPP loans (First and Second, if applicable) you received.
- For restaurants that opened in 2019: Take the average of your 2019 monthly gross revenues and multiple that average by 12. Subtract your 2020 revenues from that total, and then and subtract the total amount of your PPP loans (First and Second, if applicable) you received.
- For restaurants that opened in 2020: You are eligible to receive funding equal to eligible expenses incurred in 2020.
Over the next few weeks, IRC is hosting a series of conversations to offer insight into the restaurant grant program included in the American Rescue Plan. These 60-minute round tables on Zoom will cover how the legislation could impact your business and how you can prepare to apply for funding.
The next round tables are scheduled for:
- Tuesday, April 6, 2021 at 12pm ET / 9am PT. Register here.
- Wednesday, April 7, 2021 at 11am ET / 8am PT. Register here.