![]() ![]() ![]() However, an eligible entity may wish to determine gross receipts utilizing the SBA PPP gross receipts criteria to estimate the pandemic-related revenue loss. How does an eligible entity compute gross receipts? The SBA has not yet issued guidance on how to compute gross receipts.The Administrator may issue a separate formula to determine this amount.įor all eligible entities, the pandemic-related revenue loss is to be reduced by any amounts received from a Paycheck Protection Program (PPP) loan (2020 PPP and 2021 PPP, if applicable). The Administrator may issue a separate formula to determine this amount.įor an eligible entity that has not yet opened as of the date of grant application, but has incurred eligible expenses, the grant amount is equal to the amount of those expenses. ![]() ![]() 1, 2020 and ending March 10, 2020, the grant amount is the amount of eligible expenses incurred less any gross receipts. The Administrator may issue a separate formula to determine this amount.įor an eligible entity that opened during the period beginning on Jan. How does an eligible entity calculate its pandemic-related revenue loss? For an entity that was in operation for the entirety of 20, the pandemic-related revenue loss is calculated by subtracting the 2020 gross receipts of the eligible entity from the 2019 gross receipts of the eligible entity.įor an eligible entity that was not in operation for the entirety of 2019, the pandemic-related revenue loss is calculated by taking the difference between the average monthly gross receipts of the eligible entity in 2019 multiplied by 12 and the average monthly gross receipts of the eligible entity in 2020 multiplied by 12.The total grant will not exceed $10 million and is limited to $5 million per physical location. How does an eligible entity determine the amount of the grant? The amount is equal to the pandemic-related revenue loss of the eligible entity.What is the definition of “affiliated business?” A business in which an eligible entity has an equity or right to profit distributions of not less than 50%, or in which an eligible entity has the contractual authority to control the direction of the business, provided that such affiliation shall be determined as of any arrangements or agreements in existence as of March 13, 2020.What type of entity is not eligible? Entities above that are state or local government-operated entities that as of March 13, 2020, own or operate (together with any affiliated business) more than 20 locations, regardless of whether those locations do business under the same or multiple names entities which have a pending application for or have received a Shuttered Venue Operator Grant or any entity that is a publicly-traded company.Any of these entities located in an airport terminal or that is Tribally-owned is also eligible. What type of entity is eligible for a restaurant revitalization grant? Eligible entities include restaurants food stands/trucks/carts caterers saloons inns taverns bars lounges brew pubs tasting rooms taprooms licensed facilities or premises of beverage alcohol producers where the public may taste, sample, or purchase products or other similar places of business in which the public or patrons assemble for the primary purpose of being served food and drink.Guidance is still limited to statutory language, and additional guidance is expected in the coming weeks. Projections indicate some time in May or June of 2021 for a potential operational date. This program will provide relief for many businesses in the restaurant industry, assisting in recovery from 2020 and to make it through the next few months, as states begin to reopen and vaccine distribution increases. The American Rescue Plan Act of 2021 includes $28.6 billion in nontaxable grants for restaurants and restaurant-related businesses. ![]()
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