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What to Know About the Restaurant Revitalization Fund

 

According to the Small Business Administration, the Restaurant Revitalization Fund 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 funding as long as funds are used for eligible uses no later than March 11, 2023.

  • Restaurants.
  • Food stands, food trucks, food carts.
  • Caterers.
  • Bars, saloons, lounges, taverns.
  • Snack and nonalcoholic beverage bars.
  • Bakeries (onsite sales to the public comprise at least 33% of gross receipts).
  • Brewpubs, tasting rooms, taprooms (onsite sales to the public comprise at least 33% of gross receipts).
  • Breweries and/or microbreweries (onsite sales to the public comprise at least 33% of gross receipts).
  • Wineries and distilleries (onsite sales to the public comprise at least 33% of gross receipts).
  • Inns (onsite sales of food and beverage to the public comprise at least 33% of gross receipts).
  • Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products.

You will need documentation to prove your eligibility:

  • 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.

Relevant entities will also have to prove they meet the 33% thresholds.

For more information, go to the SBA website or contact us.

 

 

 
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Coulter & Justus, P.C.
Coulter & Justus, PC
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9717 Cogdill Rd, Suite 201
Knoxville, TN 37932
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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