Newburg Staff Writers (4/27/21)
Restaurant Revitalization Fund (RRF)
The Small Business Association (SBA) announced it will begin accepting applications for its $29 billion Restaurant Revitalization Fund (RRF) on Monday, May 3rd. The RRF was introduced as part of the $1.9 trillion coronavirus-aid package that became law last month. It is also the first federal pandemic aid program, directed exclusively at restaurants.
The SBA will open:
- Registrations on Friday, April 30th, 2021, at 9:00AM EDT
- Applications on Monday, May 3rd, 2021, at 12:00PM (noon) EDT
In preparation, the SBA recommends qualifying applicants familiarize themselves with the application process in advance to ensure a smooth and efficient application experience, specifically by:
- Registering for an account in advance at restaurants.sba.gov starting Friday, April 30, 2021, at 9 a.m. EDT
- Reviewing the official guidance, including program guide, frequently asked questions, and application sample
- Preparing the required documentation
- Working with a point-of-sale vendor or visiting restaurants.sba.gov to submit an application when the application portal opens. [Note: If an applicant is working with a point-of-sale vendor, they do not need to register beforehand on the site.]
Eligible restaurants will potentially receive funding equal to their pandemic-related revenue loss, up to $10 million per business (single location businesses can receive up to $5 million).
For more details on the RRF program, please view the SBA RRF Overview slide deck, SBA RRF Application or read our earlier articles, outlining the program eligibility and application process, etc., all of which can be found below:
The SBA will be hosting two webinars covering the Restaurant Revitalization Fund details, including how to submit an application for consideration. Both webinars will cover the same content.
The webinars will be held on:
- Tuesday, April 27 @ 2:30 PM EST (Today) – Register Here
- Wednesday, April 28th @ 2:30 PM EST – Register Here
The webinars are limited to the first 20,000 registrants, however, both recorded webinars will be available at a later date on the SBA’s YouTube channel.
New Supplemental Targeted Advance Grant
In other related news, the SBA also announced it has opened its Supplemental Targeted Advance program, with $5 billion in additional grants available for eligible small businesses hardest hit by the pandemic. The new grants will be available for approximately 1 million eligible small businesses, and the SBA will be beginning its outreach to these companies in the coming weeks.
The grants are available to businesses, even if they have already received $10,000 from the SBA’s other grant program(s) such as the EIDL Advance or the Targeted EIDL Advance.
Eligibility for the grant is as follows:
- Businesses must be located in a low-income community: Use the Mapping Tool Here to determine if your business is located in an eligible community.
- Businesses must provide proof of 50% or more in economic losses during any eight-week period beginning March 2, 2020 or later (applicants will need to provide monthly revenue from January 2019 to the current month).
- Businesses must have 10 employees or fewer.
- Farmers and ranchers are not eligible for the supplemental grant.
Small businesses can direct questions about the supplemental grants to: TargetedAdvance@SBA.gov.
We will continue to provide new details as they are made available.