Today, DC made the application for the $35 million DC Restaurant Bridge Fund live. The application will close COB Monday December 28th (another week for restaurants in Wards 5, 7, and 8). Grants of $10,000 – $50,000 will be provided to at least 700 restaurants (including fast food spots, cafes, delis, coffee shops, food trucks, cafeterias, as well as certain bars and breweries with tavern/restaurant licensees that receive at least 25% of their income from food sales) that were open before October 1st and suffered at least 25% decrease in revenue during pandemic. Spots must actually be open and operating for at least takeout/delivery now (and have a plan to remain open) to receive a grant; the at least 80+ spots that are not currently open will not be eligible. Note: Those spots who take a hiatus during the indoor dining pause are eligible if they reopen by the time pause ends on January 15th.
Funds can be used for:
- rent/mortgage/docking expense
- fuel for food trucks
- expenses related to winterization or COVID-19 prep
Bars that don’t have 25% food revenue will be able to apply for the Entertainment Bridge Fund while breweries/distilleries with manufacturer licenses will be able to appy for Retail Bridge Fund (meaning all except Atlas-which recently changed its licenses, Right Proper Shaw, and Bluejacket are not eligible for this fund).
Funds will be issued on criteria:
- Amount of economic distress
- business viability
- years/months spot has been revenue generating in current location
- DC resident employed as of Sept 30th (furloughed/laid off don’t count)
Some other relevant restrictions:
- If spot opened after March 17th, 2020, must show at least $25,000 in revenue
- Max $10 million revenue for 2019 or max $7.5 million revenue in Jan-Sept 2020. Meaning Old Ebbitt Grill, The Hamilton, and probably some other spots will unlikely be eligible for the funds.
- Franchises allowed to apply but must be independelty owned/operated.
- Owners of more than 1 restaurant can apply for up to 5 restaurants
- Pop-ups/seasonal restaurants with less than 12 month leases can’t apply
- Sole proprietors that own spots (e.g. food truck) have to be DC residents
- Bars and restaurants with club/multipurpose/nightclub licenses
A mininum 15% will be reserved for businesses owned by woman/economically disadvantaged DC residents.
Documentation that must be provided by Dec 28th include:
- Valid basic business license
- EIN verification
- clean hands certificate
- Means that business is not more than $100 in debt to DC Office of Tax and Revenue. More than $100 in debt is ok if they are current on a payment plan
- 2018 revenue info (if open)
- 2019 profit/loss monthly statements (if open)
- 2020 profit/loss monthly statements for Jan-Sept 2020 (whichever months have been open)
- Employee numbers for Jan-March, April-June, July-Sept 2020
- Employee roster as of Sept 30th: employee names, state of residency, full-time/part-time
The application also asks whether spot received other COVID-19 related grants and PPP loan, which implies that receiving other funds may impact amount of Bridge Fund grant.
Awards will be notified in Jan-Feb 2021 with money disbursed after that.
This info was taken from the following:
- https://www.tfaforms.com/4871374 (Application)
Leave a Reply