SBA Announces Restaurant Revitalization Fund
UPDATE: SBA Administrator Isabella Casillas Guzman today (April 27,2021) announced the U.S. Small Business Administration will begin registrations on Friday, April 30, 2021, at 9 a.m. EDT and open applications on Monday, May 3, 2021, at noon EDT for the Restaurant Revitalization Fund. The online application will remain open to any eligible establishment until all funds are exhausted.
The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19. This 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. For the first 21 days that the program is open, the SBA will prioritize 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.
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. 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 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.
4. Join us for one of our informational webinars.
Join one of our upcoming webinars to learn more about this program and the priority period. We will provide an orientation on the new program and answer as many questions as possible during the below sessions. Content will align with and summarize what is also available to all at www.sba.gov/restaurant (Restaurant Revitalization Fund) or Restaurant Revitalization Fund (en Español).
RESTAURANT REVITALIZATION FUND OVERVIEW FOR UNDERSERVED SMALL BUSINESSES
(All sessions will have the same content, so you only have to attend the one please choose the one that best suits your schedule.)
- Wednesday April 28: 1130a Click here to join the meeting Or call in (audio only) +1 202-765-1264,,844183751# United States, Washington DC Phone Conference ID: 844 183 751#
- Thursday April 29: 330p Click here to join the meeting Or call in (audio only) +1 202-765-1264,,251576542# United States, Washington DC Phone Conference ID: 251 576 542#
- Friday April 30: 930 a Click here to join the meeting Or call in (audio only) +1 202-765-1264,,336942080# United States, Washington DC Phone Conference ID: 336 942 080#
- Tuesday May 4: 1p Click here to join the meeting Or call in (audio only) +1 202-765-1264,,853187157# United States, Washington DC Phone Conference ID: 853 187 157#
Email this page to a friend or colleague