SBA Announces Open Date for Restaurant Revitalization Fund

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The Small Business Administration (SBA) has announced an opening date for the Restaurant Revitalization Fund (RRF). Advance registration will begin at 9 a.m. EDT on April 30, 2021, and the SBA will begin accepting applications via the application portal at 12 p.m. EDT on May 3, 2021. The application portal will remain open to any eligible establishment until all of the program funds are exhausted.

Once the portal opens, the SBA will accept applications from all eligible applicants but will only process and fund “priority group” applications for the first 21 days. During this period, the SBA will prioritize applications where the applicant has self-certified that it meets the eligibility requirements for a small business owned by women, veterans, or socially and economically disadvantaged individuals to ensure the equitable distribution of relief. After the first 21 days, all eligible applications will be funded on a first-come, first-served basis.

Established under the American Rescue Plan, signed into law on March 11, 2021, the Restaurant Revitalization Fund provides a total of $28.6 billion in direct relief funds to restaurants and other hard-hit food establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic. 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. Funds must be used for allowable expenses by March 11, 2023. (see related post on a similar program for the Pennsylvania hospitality industry)

How to Prepare to Apply

The SBA has been focused on opening the application process up quickly and educating restaurants on how to apply. To ensure a smooth and efficient application process, the Agency recommends that qualifying applicants should familiarize themselves with requirements in advance by following the steps below:

  • Register for an account in advance at restaurants.sba.gov starting Friday, April 30 at 9 a.m. EDT. Businesses working with SBA-recognized Point of Sale (POS) vendors, which currently include Square, Toast, Clover, NCR Corporation (Aloha), do not need to register beforehand as applications can be submitted through the POS system.
  • Registration with SAM.gov is not required. DUNS or CAGE identifiers are also not required.
  • If you would like to prepare your application, view the sample application. You will be able to complete this form online when the portal opens. Please do not submit RRF forms to SBA at this time.
  • Gather the required documentation as detailed in the “How to Apply” section of the SBA’s RRF website.
  • Review the “Funding Amount” section of the SBA’s RRF website  formulas to determine the
  • For additional information, review the program guide and cross-program eligibility chart on SBA COVID-19 relief options.
  • Watch a recording of the informational webinars covering RRF program details and demonstrating the application portal.

 

For additional information on the RRF Program, refer to the FAQs created by the National Restaurant Association.

Click here to learn more about the other SBA COVID-relief funding programs. The Shuttered Venue Operators Grant (SVOG) program reopened April 26, 2021, after being forced to temporarily close due to numerous technical difficulties shortly after the April 8th launch. (see related post for SVOG information)

If you have questions or need assistance with the RRF application process or any of the COVID-relief programs or tax incentives, please contact a GYF Tax Executive at 412-338-9300.

Updates on SBA COVID-Relief Funding Options

Relief Program for Shuttered Venue Operators to Open April 8

Relief for Hospitality Industry on Tap

Cody Peddicord

Cody Peddicord

Cody joined GYF in 2016, and has seven years of public accounting tax experience. He specializes in providing corporate and personal tax compliance and planning services to clients across various industries.

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