The U.S. Small Business Administration (SBA) announced on Monday, April 19 details on the application requirements, eligibility, and a guidelines for the Restaurant Revitalization Fund (RFF).
Overview of Restaurant Revitalization Fund
The restaurant industry has been among the hardest-hit sectors during the economic downturn caused by the COVID-19 pandemic. To help bring jobs back and revive the industry, the American Rescue Plan, signed into law by President Joe Biden, established the $28.6 billion RRF at the SBA. The SBA will administer the funds to the hardest-hit small restaurants.
Details on application requirements, eligibility, and a program guide are now available at www.sba.gov/restaurants.
When to Apply
The official application launch date will be announced shortly. 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. The pilot period will be used to address technical issues ahead of the public launch. 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. The official application launch date will be announced at a later date. 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.
How to Prepare
Currently, the SBA is not accepting applications for RRF. However, you can prepare your application by reviewing the sample application, program guide, and cross-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 their online application portal.
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