Restaurant Revitalization Fund Registration and Application Underway
Registration begins April 30, 2021 at 9am eastern
Restaurants were some of the first small businesses to close during the pandemic and likely some of the last businesses to fully reopen. In an effort to help these businesses grow and increase employment, the Restaurant Revitalization Fund (RFF) was established under the American Rescue Plan and signed into law by President Joe Biden on March 11, 2021. The RRF provides a total of $28.6 billion in targeted relief through grants, not loans, to restaurants and other hard-hit food establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic.
Within the RFF program, Congress allocated $5 billion specifically targeted to small businesses, and with the U.S. Small Business Administration (SBA) allocating another $4.5 billion, there will be a total of $9.5 billion of the $28.6 billion program going to smaller businesses. The RFF will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per applicant and affiliated businesses and no more than $5 million per physical location. Funds must be used for allowable expenses by March 11, 2023. Cross program eligibility is also a factor in the RFF funding calculations and the minimum funding amount will be $1,000. Please visit www.sba.gov/restaurants for more program details and guidance.
Some of the smallest and underserved businesses, especially those owned by people of color, have suffered the most from the pandemic and may not have been able to access relief. The first 21 days of the RRF program are designated as a priority period for restaurants owned by women, veterans and socially or economically disadvantaged individuals. We encourage you to register on Friday, April 30, 2021 beginning at 9am ET, and submit your application on Monday, May 3, 2021 beginning at 12pm ET. Following the priority period, applications will be funded on a first-come, first-served basis.
The RFF application was designed to be extremely user-friendly and provide guidance and advice as you go and should take roughly 25 minutes to complete. There is a direct application at restaurants.SBA.gov and you can also apply through SBA-recognized point of sales vendors. The fund’s online direct application portal will be available in both English and Spanish for the first time along with guidance and customer service in multiple other languages.
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