Restaurant Revitalization - $28.6B Fund Now Available For Food & Beverage Services
On Friday, April 30, Tom Grech, President and CEO of the Queens Chamber of Commerce, joined by special guest Congresswoman Grace Meng (D-Queens), Neil Seiden, Managing Director, Asset Enhancement Solutions, restaurateurs and suppliers from throughout New York held a press conference to announce and celebrate the official opening of the Restaurant Revitalization Fund (RRF), a $28.6 billion fund established by the newly enacted American Rescue Plan Act that provides direct aid to the dining and hospitality industry to help with economic losses caused by the COVID-19 pandemic. Rep. Meng, who helped pass the American Rescue Plan in Congress last month, joined business leaders to encourage restaurants throughout Queens and the New York region to apply for the RRF grants. The conference was held at Lake Pavilion Restaurant, 60-15 Main Street in Flushing.
Restaurants are the lifeblood of Queens and New York’s diverse neighborhoods, and communities across the country. More than 23,000 restaurants in New York City provided over 317,000 jobs for New Yorkers from all walks of life, and delivered nearly $27 billion in taxable sales in 2019. But the COVID-19 pandemic financially devastated these businesses. According to a report from New York State Comptroller Tom DiNapoli, “employment in New York City’s restaurant industry fell to 91,000 in April and sales fell 71 percent during the three-month period of March, April and May of 2020 compared to the same period in 2019,” said organizers.
Congresswoman Meng offered all the following information:
WHO CAN APPLY? – Restaurants – Food stands, food trucks, food carts – Caterers – Bars, saloons, lounges, taverns – Snack and nonalcoholic beverage bars – Bakeries* – Brewpubs, tasting rooms, taprooms* – Breweries and/or microbreweries* – Wineries and distilleries* – Inns* – Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products.
*If onsite sales of food and beverage to the public comprise at least 33% of gross receipts*
HOW DO I APPLY?
Eligible entities can apply through SBA-recognized Point of Sale (POS) vendors or directly via SBA online application portal: restaurants.sba.gov.
Eligible entities are first encouraged to contact a representative from the New York Small Business Development Center (SBDC) or Chamber of Commerce. For businesses located in Queens seeking assistance, please email or call one of the following: – Queens College SBDC at email@example.com or 718-5700821 – LaGuardia SBDC at firstname.lastname@example.org or 718-4825303 – Queens-York College SBDC at email@example.com or 718-262-2880 For other NY SBDC locations, please visit www.nysbdc.org/locations.html.
ALLOWABLE USE OF FUNDS
Eligible entities and any affiliated businesses of the eligible entity may receive not more than $10 million and shall be limited to $5 million per physical location of the eligible entity.
*Grants must be used no later than March 11, 2023*
Funds may be used for specific expenses including: – Payroll costs (including sick leave) – Payments on any business mortgage obligation – Rent payments (note: this does not including prepayment of rent) – Debt service (both principal and interest; note: this does not include any prepayment of principal or interest) – Utility payments – Maintenance expenses – Construction of outdoor seating – Supplies (including protective equipment and cleaning materials) – Food and beverage expenses (including raw materials) – Covered supplier costs – Operating expenses.
WHEN DO I APPLY?
Registration for the SBA application portal opened Friday, April 30, 2021, at 9 am ET. Applications opened on Monday, May 3, 2021, at 12 pm ET.
– Priority period (Days 1 through 21): SBA will accept applications from all eligible applicants, but only process and fund priority group applications.
– 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.
For more information visit sba.gov/restaurants.
To get info in another language, go to : www.sba.gov/fundingprograms/loans/covid-19-relief-options/restaurant-revitalization-fund#section-header-20
Rep. Meng offered her office’s contact info for help: meng.house.gov/contact 718-358-6364 (to speak with staff during business hours).