The Restaurant Revitalization Fund was created to provide funding to help restaurants impacted by Covid-19. The program will provide restaurants with funding equal to their pandemic related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funds as long as the funds are used for eligible uses no later than March 11, 2023.


Eligible Entities

  • Restaurants, bars, saloons
  • Food stands, food trucks, food carts
  • Caterers
  • Snack and nonalcoholic beverage bars
  • Bakeries
  • Brewpubs, tasting rooms, taprooms
  • Breweries and wineries


How to Apply

  • You can apply through SBA-recognized Point of Sale Restaurant Partners or directly via SBA in a forthcoming online application portal
  • SBA Form 3172 is the application form
  • Additional documentation required:
    • Verification for Tax Information: IRS Form 4506-T, completed and signed by Applicant. Completion of this form digitally on the SBA platform will satisfy this requirement.
    • Gross Receipts Documentation: Any of the following documents demonstrating gross receipts and, if applicable, eligible expenses.
      • Business tax returns (IRS Form 1120 or IRS 1120-S)
      • IRS Forms 1040 Schedule C; IRS Forms 1040 Schedule F
      • For a partnership: partnership’s IRS Form 1065 (including K-1s)
      • Bank statements
      • Externally or internally prepared financial statements such as Income Statements or Profit and Loss Statements
      • Point of sale report(s), including IRS Form 1099-K
    • For applicants that are a brewpub, tasting room, taproom, brewery, winery, distillery or bakery:
      • 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. 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.


When to Apply

  • Priority Period (Days 1 through 21) – SBA will process only priority group applications.
    • During this period, SBA will fund applications where the applicant has self-certified that it meets the eligibility requirements for a small business owned by women, veterans or socially and economically disadvantaged individuals.
  • Open to all applicants (Days 22 through funds exhaustion)
    • SBA will accept applications from all eligible applicants and process applications in the order in which they are approved by SBA
  • Priority groups
    • Small business concern that is at least 51 percent owners by one or more individuals who are:
      • Women
      • Veterans
      • Socially and economically disadvantaged (those are have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities).


Funding Amount Calculations

  • Calculation 1 – For applicants in operation prior to or on January 1, 2019:
    • 2019 gross receipts minus 2020 gross receipts minus PPP loan amounts
  • Calculation 2 – For applicants that began operations partially through 2019:
    • (Average 2019 monthly gross receipts x 12) minus 2020 gross receipts minus PPP loan amounts
  • Calculation 3 – For applicants that began operations on or between January 1, 2020 and March 10, 2021 and applicants not yet opened but have incurred eligible expenses:
    • Amount spent on eligible expenses between February 15, 2020 and March 11,2021 minus 2020 gross receipts minus PPP loan amounts
  • For those entities who began operations partially through 2019, you may elect (at your own discretion) to use either calculation 2 or calculation 3.


Allowable Use of Funds
Funds may be used for specific expenses including:

  • 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
  • Business operating expenses


Please reach out to your Somerset advisor at 317.472.2200 or with any questions.