The National Restaurant Association has released a guide for restaurants and bars that applied for the Restaurant Revitalization fund, which opened on May 3, including records to maintain and keep track of and learning how to address new funds in tax filings.
Keep a copy of all submitted records, including the application itself
Keep all financial forms, business records and the application itself on-hand for reference.
Don’t throw away records that were not submitted
The SBA will be looking for proof of how long a restaurant has been open for and you’ll want to keep all receipts on hand, even if they were not necessary for your application. These records might include:
- Evidence that supports when the business opened/began making sales.
- How the grant was calculated
- Documentation that proves/asserts that applicant as part of a priority group (if relevant)
- Information regarding affiliated businesses
- Information regarding ownership shares
Make a plan for how the grant money will be spent
The Restaurant Revitalization Fund has specific rules on what the funds can be used for, as detailed here. You must return the funds if you were considering using the money for something outside of those jurisdictions. Remember that the RRF can only be used to pay off principal and interest payments of a debt, and not the entire debt. Payroll expenses can only be paid only if employees earn $100,000 per year.
Read more tips on what restaurants should do after receiving a Restaurant Revitalization Fund grant in Restaurant Hospitality.
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