Priority Groups are small business owned by at least 51% women, veterans, or socially/economically disadvantaged individuals. It should be noted however, for the first 21 days of the application cycle, the SBA but will only fund and prioritize “priority groups”. The SBA approximates a 14-day processing turn-around time for applications. Once the portal is available, all eligible entities may apply, regardless of business size or ownership status. The SBA has not announced when the application will be open to the public. For businesses who opened in 2020, the Applicant’s original business model should have contemplated at least 33.00% of gross receipts in onsite sales to the public. Documents evidencing that onsite sales of food and beverage to the public comprise at least 33.00% of gross receipts for 2019.Documents evidencing that onsite sales to the public comprise at least 33.00% of gross receipts for 2019, which may include Tax and Trade Bureau (TTB) Forms 5130.9 or TTB.*Brewpub/Bakery/Tasting Room/Taproom/Brewery/Winery/Distillery:.*For partnerships- IRS Form 1065 including K-1s.transactions involving a payment settlement entity) Point of Sale Reports including IRS Form 1099-K (i.e.Externally or internally prepared financial statements such as Income Statements or Profit/Loss Statement’s.Bank statements from Januthrough current.IRS Forms 1040 Schedule C IRS Forms 1040 Schedule F.Business tax returns (IRS Form 1120 or 1120-S).Gross receipts documentation- any of the following documents showing gross receipts and, if applicable, eligible expenses: In addition to the SBA Form 3172 Application, these are the following documents required for the grant application:ī. Registration with SAM.gov, DUNS or CAGE is no longer required. Recipients of the grant monies are not required to repay the funds if they are used for eligible expenses (see below) and the fund are exhausted on or before March 11, 2023.Īpplicants will apply through the SBA Online Application Portal or SBA-recognized Point of Sale Restaurant Partners with SBA Form 3172 ( view sample). This grant program will provide funding equal to the afflicted entity’s pandemic-related revenue loss up to $10 million per business group ($5 million cap per business location). Below is a detailed summary of the newly released information regarding the RRF grant application.Īs stated in our previous article, the American Rescue Plan Act established the RRF grant to provide funding to help restaurants and other hospitality-industry establishments stay afloat during the pandemic. We are monitoring the SBA website and social media sources closely for application launch date information. Although there is no official launch date for the application, the SBA stated that ahead of the application and over the next two weeks, the SBA will establish a seven-day pilot program for the RRF application portal to address any technical issues ahead of the public launch. On Saturday, April 17, 2021, the Small Business Administration (SBA) provided an update for the Restaurant Revitalization Fund (RRF) grant application.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |