Restaurant Revitalization Grants ready to roll soon

The Small Business Administration has announced that registrations for the $28.6 billion Restaurant Revitalization Fund grants will open at 9 a.m. EST Friday, April 30, with the application officially open at noon EST Monday, May 3. The online application will remain open to any eligible establishment until all funds are exhausted.

If you plan to apply, we recommend you:

  • Register for an account in advance of the application period opening on Monday. You can start the registration process by visiting restaurants.sba.gov (If you are working with a point-of-sale vendor, you do not need to register. Just complete an application when the portal opens).
  • Review the official guidance, frequently asked questions and application sample (links included below)
  • Prepare the required documentation
  • Work with a point-of-sale vendor or submit an application at restaurants.sba.gov when the application portal opens Monday.

Remember, the first 21 days after the program launches will be reserved for small businesses owned by women, veterans and socially and economically disadvantaged individuals. After that three-week period, grant applications will be open for all eligible business owners.

Who is eligible:
Entities that own a place of business where patrons assemble for the primary purpose of being served food or drink, including a:

  • Restaurant,
  • Food stand, food truck, food cart;
  • Snack and nonalcoholic beverage bar;
  • Caterer;
  • Bar, lounge, saloon, tavern
  • An inn*;
  • Brewery, brewpub, microbrewery, taproom, tasting room*;
  • Bakery*;
  • Winery*;
  • Distillery*;
  • Licensed facility of a beverage alcohol producer where the public may taste, sample or purchase products;

*Eligibility for these facilities may be limited. Please see the Small Business Administration’s website for more details.

What are the eligibility criteria?

  • An entity that as of March 13, 2020, owns or operates (together with any affiliated business) fewer than 20 locations, regardless of whether those locations do business under the same or multiple names.
  • An entity that has not received a Shuttered Venues Operations Grant or has an application pending.
  • An entity not permanently closed or that has filed for bankruptcy.
  • An entity that was not open prior to January 1, 2020, could still be eligible to apply for eligible expenses incurred in preparing to open.

What is the covered period?

  • The period beginning February 15, 2020, and ending December 31, 2021.

How much can each entity receive in grant funds?

  • Grants may be awarded up to $10 million per entity or $5 million per physical location. The minimum award is $1,000.

How are grants calculated?

  • Grant amounts for applications in operation prior to or on January 1, 2019, are calculated by subtracting 2020 revenue from 2019 revenue and subtracting any amount received in Paycheck Protection Program loans.

[2019 revenue] – [2020 revenue] – [PPP loans] = Grant Fund

  • Grant amounts for applications that began operations partially through 2019 are calculated by taking the average 2019 monthly revenue times 12 and subtracting 2020 revenue minus PPP loans.

[Average 2019 monthly revenue x 12] – [2020 revenue] – [PPP loans] = Grant Fund

  • Grant amounts for applicants who began operations on or between January 1, 2020, and March 10, 2021, and applicants not yet opened but who have incurred eligible expenses are calculated by the amount spent on eligible expenses between February 15, 2020, and March 11, 2021, minus 2020 revenue minus PPP loan amount.

[Eligible expense] – [2020 revenue] – [PPP loans] = Grant Fund
What can RRF grant funds be used for?

  • Business payroll costs (including sick leave);
  • Payments on any business mortgage obligation;
  • Business rent payments (Note: this does not include prepayment of rent);
  • Business debt service (both principal and interest. Note: this does not include any prepayment of principal or interest);
  • Business utility payments;
  • Business maintenance expenses;
  • Construction of outdoor seating;
  • Business supplies (including protective equipment and cleaning materials);
  • Business food and beverage expenses (including raw materials);
  • Covered supplier costs; and
  • Business operating expenses.

How do I apply?
The SBA will open an online application portal. Click here for a sample application.

What documents are needed to accompany the application?

  • IRS Form 4506-T (Verification for Tax Information);
  • Gross receipts documentation including any of the following:
    • Business tax return;
    • Form 1040 Schedule C or Schedule F;
    • Form 1065;
    • Bank statements;
    • Externally or internally prepared financial statements;
    • Point of sale report(s), including Form 1099-K

Please contact our office if you need any assistance or further information.

Nicole Bishop is a Manager with our Business & Tax Advisory Group. She can be reached at nbishop@antarescpas.com.

Recent Articles:

Follow Antares CPAs:

Succession & Transition Strategies

Creating a successful succession plan is about protecting the future of a business and/or brand and ensuring there is a strategy in place to ensure your business continues to thrive.

After years of investing time, money and other resources, it’s imperative to prepare for this next stage in business and life. Poor planning can increase risks for stakeholders and tarnish legacies. Let’s make sure the next generation is well-equipped and ready to take your life’s work and family legacy to an even greater level of success.

Each situation is unique because the needs of each one involved are unique. We carefully review each opportunity to determine how best to structure a transition while meeting your goals, complying with any brand licensing polices and minimizing the tax implications of the transfer.

  • Next generation succession planning
  • Retirement planning
  • Wealth management

Let's get started.

Call us at 770.785.7855 Or email hello@antaresgroupcpas.com

Technology Services

Antares Group’s technology team provides convenient hardware and software support, along with comprehensive cloud accounting services with 24/7 access to up-to-date financial information exactly the way you want it, on any connected device, with a customizable dashboard interface. We use best-in class cloud accounting platforms and software including Sage Intacct, Bill.com and robot process automation (RPA) with integration capabilities with some of the leading point-of-sale, payroll, and business operations management software programs.

Cloud accounting is just the beginning; Antares Group’s experienced technology team also performs system evaluations and makes recommendations for products and services that will help your business run more efficiently, as well as protecting your information and infrastructure with robust security options. Using the right technology for automation will simplify your life and keep your valuable data safe..

  • Technology and security optimization
  • Complete cloud accounting services
  • Computer troubleshooting assistance with remote and onsite repair

Let's get started.

Call us at 770.785.7855 Or email hello@antaresgroupcpas.com

Business Planning & Valuation

An accurate understanding of your company’s current value and financial viability is vital for achieving business success and the launch pad to boundless possibilities in the years to come. Realistic valuations are essential for long-term strategic plans, business successions and expansions, gift and estate planning, and a lucrative retirement package. Planning for where you want to go in the future is what our business and tax advisors do best. Whatever your goals, we are here to provide you with the right plan and insightful guidance to achieve it.

  • Trend reporting and analysis and business valuation
  • General business and start-up consulting
  • Major reinvestment planning
  • Cash flow projections

Let's get started.

Call us at 770.785.7855 Or email hello@antaresgroupcpas.com

Back Office Solutions

In such a fast-moving business environment, business owners need every advantage to succeed. Improving efficiency should be an ongoing part of your strategy for financial success, empowering you to make continuous improvements.

Whether your business is a single location seeking to grow effectively and sustainably, an established franchise brand adding new locations, or something in between, Antares Group provides a suite of back office services and the financial expertise to help business owners and managers achieve their operational and financial goals. In the process of supporting your essential back office operations with practical solutions, we analyze the function and effectiveness, looking for inefficiencies and potential liabilities, offering valuable insights for owners and managers.

  • Daily deposit verification and online banking monitoring
  • Process invoices and code general ledger accounts
  • Process vendor payments and file 1099s
  • Prepare and file sales and use tax returns
  • Reconcile bank, credit card and cashless sales accounts

Let's get started.

Call us at 770.785.7855 Or email hello@antaresgroupcpas.com

Tax Advisory

Minimizing your tax burden is a year-round strategy; planning for and preparing complex business and individual tax returns is where Antares Group excels. Beyond simply helping you fulfill basic tax obligations, you can rely on our tax advisory team to keep you informed of ever-changing regulations and keep you in compliance. We conduct regular reviews to make sure all methods of reducing your tax liabilities are being used. We routinely assess your personal income tax situation and cash flow to guard against the unexpected. This ongoing strategic analysis empowers you to maximize tax savings and capitalize on new opportunities.

In addition, we provide advisory services for new business startups, acquisitions, and dispositions. Through careful analysis, we help clients determine the best structure and make the process as seamless as possible.

  • Business and individual year-end tax returns
  • Personal property, gift, and trust income tax returns
  • Fixed asset setup and maintenance
  • Annual tax planning and preparation

Let's get started.

Call us at 770.785.7855 Or email hello@antaresgroupcpas.com

Cloud Accounting

Whether you run a small closely held business or a large franchise operation, maintaining a firm grasp of accounting and bookkeeping can be challenging. Between managing staff and overseeing daily operations, there is not enough time to dig into the books and make sense of the financials. You need to know the facts and the implications. – having precise, up-to-date information at hand means you always know your financial position so you can make informed decisions that keep your business moving forward.

The financial experts at Antares can create a custom menu of accounting and tax services perfectly catered to your business needs, including accurate and timely financial statements and reports, so you are always prepared to respond quickly to changing and challenging circumstances. Along the way, we provide clear feedback and financial guidance to help you predict trends and recognize issues, then make the necessary adjustments to sustain cash flow throughout the year.

  • Timely preparation of financial statements based on your particular needs
  • Complete preparation of sales, payroll, inventory, accrual, and prepaid journal entries
  • Meticulous monthly bank and credit card reconciliations

Let's get started.

Call us at 770.785.7855 Or email hello@antaresgroupcpas.com