Great news for restauranteurs, bar owners, and caterers in Alamo, additional COVID-relief funds are now available! As part of the American Rescue Plan Act, the Restaurant Revitalization Fund (RRF) offers additional resources for:
- Food trucks, food stands, and food carts
- Catering businesses
- Bars, saloons, lounges, and taverns
- Bakeries with at least 33% of gross receipts coming from onsite sales
- Breweries, brewpubs, wineries, and distilleries with at least 33% of gross receipts coming from onsite sales
What Can the Funds be Used For?
Funds from the RRF can be used for:
- Business payroll costs, including sick leave
- Mortgage or rent payments (does not include rent repayment)
- Business debts, both principal and interest (does not include principal or interest prepayment)
- Construction of outdoor seating
- Business supplies, including costs of PPE and cleaning materials
- Food and beverage expenses, including raw materials
How Much Can a Business Apply For?
Businesses may be eligible for funding between $1,000 to $10,000,000, or $5,000,000 per location.
- All funds must be used by March 11th, 2023 on eligible expenses only, from February 15th, 2020 to March 11th, 2023.
- If a business permanently closes on or before March 11th, 2023, any unused funds must be returned.
What Are the Requirements?
Applicants will need to show proof of the following documents:
- Bank statements
- Business tax returns (IRS forms 1120 or 1120-2)
- Income statements or profit and loss statements
- Point-of-sale reports, including IRS form 1099-K
- For partnerships, IRS Form 1065
- For alcohol-selling establishments, documents that onsite sales to the public comprise at least 33% of gross receipts for 2019
- For businesses that opened in 2020, the applicant’s original business model that intended to have at least 33% of gross receipts in onsite sales to the public
Gross receipts should not include any funds received from the Paycheck Protection Program, Economic Injury Disaster Loans, or state or local grants via the CARES Act.
How to Apply
There are three ways your business can apply for the RRF:
- Through a recognized SBA Restaurant Partner
- Through the Small Business Association directly at sba.gov
- By calling (844) 279-8898
Help Your Business in Alamo!
At the Alamo EDC, we offer loan programs for Alamo businesses that are available year-round, and we can direct you to commercial properties for sale in Alamo as well. Contact us today to find out how we can help!