THE APPLICATION FOR RESTAURANT REVITALIZATION FUND GRANT IS NOW OPEN
GREAT NEWS! Restaurants that suffered a major financial loss due to the COVID-19 pandemic have help on the way.
Under the American Rescue Plan Act of 2021, the Restaurant Revitalization Fund (RRF) was created to provide $28.6 billion in grants to restaurants, bars and related businesses in need.
Starting May 3rd the registration for the Restaurant Revitalization Fund (RRF) will begin accepting applications. The portal will remain open for any eligible establishment until ALL FUNDS ARE EXHAUSTED.
Who is eligible to receive RRF?
Most of the restaurants and bars who lost revenue in 2020 will be eligible to apply. This includes the following types of businesses:
Restaurant/Food Stand/ Food Truck/Food Cart
Snack and Nonalcoholic Beverage Bar
Brewery/Brewpub/Microbrewery/Taproom Tasting room
licensed facility or premise of a beverage alcohol producer where the public may taste, sample, or purchase products
Other similar places of business where the patrons meet for the primary purpose of being served food or alcohol
HOWEVER, if your restaurant or bar is part of a publicly-traded company or owned by a state or local government then it’s not eligible to apply. Also, any owner that operates more than 20 restaurants is ineligible.
How to apply for the RRF grant?
This applying process is a little different. You do not need to register with the federal government’s System for Award Management or Data Universal Numbering System. You can submit the application at https://restaurants.sba.gov.
Additional documentation will be needed when applying, make sure to check out a sample application on the SBA website.
The RRF program provides restaurants with funding equal to their revenue loss of up to $10,000,00 per business and no more than $5,000,000 per physical location with a minimum award of $1,000.00.
SBA will process and fund the applications according to priority groups splitting the awards between Day 1-21 and Day 22-funding exhaustion.
Day 1-21 includes funding for small businesses which is at least 51% owned by one or more persons who are: women, veterans or social and economically disadvantaged.
Day 22-exhaustion will be all remaining eligible entities that have been approved by SBA.
All applicants must self-certify that they meet eligibility requirements.
The funds can only be used for the following business expenses:
Payroll costs (including sick leave)
Debt service (both principal and interest)
Construction of outdoor seating
Supplies (including protective equipment and cleaning materials)
Food and beverage expenses (including raw materials)
Covered supplier costs
Recipients are not required to repay the funds as long as the funding is used properly no later than March 11, 2023.
Have questions? Book a call today!