The primary wave of funds from the Restaurant Revitalization Fund (RRF) will go to greater than 16,000 eating places and different meals and beverage suppliers, a few of which may see aid cash of their financial institution accounts as quickly as Tuesday.
Every week after opening the $ 28.6 billion RRF, the U.S. Small Enterprise Administration (SBA) mentioned Monday afternoon that it had began sending greater than $ 2 billion in a primary spherical of funding. to eating places, bars and different eligible candidates.
“Eating places are the core of our neighborhoods and drive financial exercise on fundamental streets throughout the nation,” SBA Administrator Isabella Casillas Guzman mentioned in a press launch. “We all know that many individuals who’ve suffered disproportionately from this pandemic urgently want this assist and have usually been unable to entry assist.”
The SBA reported final week that greater than 186,000 eating places, bars and different meals and beverage companies utilized for RRF help through the first two days after this system’s utility window opened on Might three.
All eligible meals and beverage suppliers can apply to the RRF, however for the primary 21 days, the SBA will prioritize assessment of functions from small companies owned by girls, veterans, and socially and economically deprived people.
After the primary 21 days, the SBA will fund all eligible functions on a first-come, first-served foundation. Permitted candidates should wait a median of 14 days for processing, assessment, approval and distribution of funds, the SBA mentioned.
Congress created the RRF to supply meals and beverage suppliers with grants equal to lack of income associated to the pandemic, as much as $ 10 million per enterprise and not more than $ 5 million per bodily location. The funds can be utilized for eligible bills, corresponding to payroll and lease.
Entities eligible for the RRF embody the next:
- Eating places;
- Meals stands, meals vans and meals carts;
- Bars, lounges, lounges and taverns;
- Snack bars and non-alcoholic drinks;
- Bakeries, breweries, tasting rooms, taverns, breweries, microbreweries, wineries and distilleries the place on-site gross sales to the general public comprise no less than 33% of gross income;
- Inns by which on-site gross sales of meals and drinks to the general public comprise no less than 33% of gross earnings; Y
- Services or licensed amenities of a producer of alcoholic drinks the place the general public can style, style or purchase merchandise.
AICPA members can entry detailed abstract of the RRF.
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– Jeff Drew (Jeff.Drew@aicpa-cima.com) it is a JofA Chief editor.