The SBA has officially named a date for applications for the Restaurant Revitalization Fund. If you are eligible for the Restaurant Revitalization Fund, you can apply on Monday, May 3, 2021 at noon ET.
The Restaurant Revitalization Fund (RRF) provides funding to eligible restaurants that need support to keep their doors open. This program will provide each restaurant with funding equal to their pandemic-related revenue loss from 2019 to 2020. These funds will be up to $10 million per business and will not exceed $5 million per location. Those receiving grant funds will not be required to repay these funds if they are used no later than March 11, 2023.
How to Apply
Those wishing to apply can do so through an SBA-recognized Point of Sale vendor or on SBA’s online application portal. SBA approved POS providers include Square, Toast, Clover, and NCR Corporation.
According to the SBA, not all eligible will receive funds. Top Priority will be given to Small businesses that are at least 51% owned by Women, Veterans, or socially and economically disadvantaged. Due to the high demand for these RRF grants, it is suggested that operators apply on the first day – May 3, 2021.
Funds for this grant may be used for the following business expenses:
- Payroll costs
- Mortgage payments
- Rent payments
- Debt services
- Maintenance expenses
- Construction for outdoor seating
- Business supplies
- Food and beverage expenses
- Supplier Costs
- Business operating expenses
For more information on The Restaurant Revitalization Fund or to check your eligibility, you can visit the SBA’s official site here.