The U.S. Small Business Administration (SBA) has announced opening dates for the Restaurant Revitalization Fund (RRF). Registration opens at 8am CST, April 30, 2021, and application submissions begin at 11am CST on May 3rd.
The SBA recommends eligible businesses begin familiarizing themselves with the application steps ahead of time. According to the Journal of Accountancy (JOA), the steps are as follows:
- Visit the www.sba.gov website to register for an account on opening day, at 8am CST, April 30, 2021.
- Gather the required documentation.
- Read and understand the program guide and application sample.
- Review the FAQ’s.
- Visit the www.sba.gov website to apply when application submissions begin at 11am CST on May 3rd.
- Attend the virtual training webinar: Wednesday, April 28th, at 1:30 p.m. CST Register here
The JOA goes on to state, “RRF will award restaurants with grants equal to their pandemic-related revenue loss, up to $10 million per business and no more than $5 million per physical location. All eligible restaurants will be able to submit applications as soon as the program opens, but for the first 21 days the SBA will prioritize reviewing applications from small businesses owned by women, veterans, and socially and economically disadvantaged individuals. After the first 21 days, the SBA will fund all eligible applications on a first come, first-serve basis, so the agency is recommending that all eligible entities submit applications as soon as the portal opens.”
The SBA.gov website lists the eligible entities for the RRF and how to apply:
- Restaurants.
- Food stands, food trucks, and food carts.
- Caterers.
- Bars, saloons, lounges, and taverns.
- Snack and nonalcoholic beverage bars.
- Bakeries, brewpubs, tasting rooms, taprooms, breweries, microbreweries, wineries, and distilleries at which on-site sales to the public comprise at least 33% of the gross receipts.
- Inns at which on-site sales of food and beverages to the public comprise at least 33% of gross receipts; and
- Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products.
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