Registration Opens for the Restaurant Revitalization Fund on Friday April 30, 2021 at 6 AM PST!
The Restaurant Revitalization Fund was created with appropriations of $28.6 billion to assist restaurant owners in the form of a grant administered directly through the SBA. The SBA has since issued information on the grant process and application, with registration beginning on April 30, 2021.
ARB clients in the food and beverage industry may wish to take advantage of the RRF to assist in payroll costs and/or operations expenditures. Per SBA’s website the RRF was established by the American Rescue Plan Act to 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.
This program is provided directly by the SBA, similar to the EIDL Program. In preparation, the SBA recommends qualifying applicants familiarize themselves with the application process in advance to ensure a smooth and efficient application experience, specifically by:
- Reviewing the sample application, program guide and cross-program eligibility chart on SBA COVID-19 relief options.
- Register for an account in advance at restaurants.sba.gov starting Friday, April 30 at 9 a.m. EDT. If you are working with Square or Toast, you do not need to register beforehand on the application portal.
- Preparing the required documentation.
- Visiting sba.gov to submit an application when the application portal opens.
What do I need to know about eligibility?
- Eligible business include restaurants, food stands, food trucks, food carts, caterer, saloon, inn, tavern, bar, lounge, brewpub, tasting room, taproom, licensed facility of a alcohol producer where the public may taste, or other similar businesses patrons assemble for the primary purpose of being served food/drink.
- Eligible businesses cannot operate more than 20 locations, regardless of whether those locations do business under the same name or different names.
- The maximum amount of grant provided to any business will be $10 million in aggregate, or $5 million per location.
In a press release issued by the SBA on April 17, they noted that for the first 21 days that the program is open, the SBA will prioritize reviewing applications from small businesses owned by women, veterans, and socially and economically disadvantaged individuals. Following the 21-day period, all eligible applicants are encouraged to submit applications.
You can find full details on the program here on the SBA website:
We will also be updating our ARB resource page with new information as we receive it. Thank you for reading, and stay well!Previous: ARB Clients obtain $65 million Next: Buying a Home