The Small Business Administration announced Tuesday that the Restaurant Revitalization Fund will open on Mon., May 3 at noon EST, and restaurant operators can begin the registration process starting Fri., April 30 at 9 a.m. EDT. Operators will be able to register through the SBA RRF portal and the applications will remain open until funding runs out.
“Restaurants are the core of our neighborhoods and propel economic activity on main streets across the nation,” SBA administrator Isabella Casillas Guzman said in a statement. “They are among the businesses that have been hardest hit and need support to survive this pandemic. We want restaurants to know that help is here. The SBA has focused on the marketplace realities of our food and beverage businesses in designing the Restaurant Revitalization Fund to meet businesses where they are. And we are committed to equity to ensure our smaller and underserved businesses, which have suffered the most, can access this critical relief, recover, and grow more resilient.”
The SBA suggests that in preparation for the applications opening, operators should prepare the following:
- Register for an account on restaurants.sba.gov starting April 30.
- Review the program guide and sample application
- Prepare the required documents, including tax identification numbers and banking information, ownership information, how much you received for first and second-draw PPP loans, and gross receipts. You can read more about acceptable forms of gross receipts here.
- Work with your POS vendor or submit the application directly through the portal when it opens on Monday.
- Attend one of three live application guidance webinars led by the SBA on April 27 at 2:30 pm EST, April 28 at 1 pm EST, or April 28 at 2:30 pm EST
As a reminder, for the first 21 days that the application is open the SBA will prioritize businesses owned and controlled by women, veterans and socially/economically disadvantaged peoples. However, all applicants should register and apply as soon as the portal opens. The SBA has confirmed that funds will be given out on a first-come, first-serve basis and that likely demand will supersede available funds.
For more information on how to apply, who is eligible, and how much funding restaurants are eligible to receive, read the National Restaurant Association’s FAQ on the Restaurant Revitalization Fund process released earlier this month.
Contact Joanna at [email protected]
Find her on Twitter: @JoannaFantozzi
