The American Rescue Plan Act established the RestaurantRevitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. Some of our own establishments have taken advantage of this assistance but many more, may not know about the program or how it works.
The program 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.
Here are three things you need to know about the RRF:
1. Get the program details.
Get the program details such as eligibility, funding amount, allowable use of funds and more. If you haven’t already, sign up for RRF email updates.
2. How to prepare.
Currently, SBA is not accepting applications for RRF. However, you can prepare your application by reviewing the sample application, program guide and cross-program eligibility chart on SBA COVID-19 relief options. You will be able to apply through SBA-recognized Point of Sale Restaurant Partners or directly via SBA in a forthcoming online application portal. Registration with SAM.gov is not required. DUNS or CAGE identifiers are also not required.
3. When to apply.
The official application launch date will be announced shortly. Do not send any applications to the local SBA office as they will not be processed. Ahead of the application launch and over the next two weeks, the SBA will establish a seven-day pilot period for the RRF application portal and conduct extensive outreach and training on how to apply, application requirements and where to apply. Participants in this pilot will be randomly selected from existing PPP borrowers in priority groups for RRF and will not receive funds until the application portal is open to the public.
Following the pilot, the application portal will be opened to the public. 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.
PLEASE NOTE: If your business is eligible for both the RRF and the SVOG you CAN NOT apply for both, you must choose prior to submitting application.
Should you have questions about whether you should apply for either the SVOG or the RRF grant, please contact our office. We’ll do our best to share the latest information to help you make the best decision for you and your business.