The Restaurant Revitalization Fund – SBA Sets Opening Dates and Provides Guidance on Application Process
April 29, 2021
Disclaimer: This information was correct at the time of publication; however, new guidance from government agencies may be issued at any time, causing some or all of this information to change. Please visit our COVID-19 Business Strategy Hub for the latest news and ensure you are subscribed here to receive email alerts as they are released. We are working diligently to provide the most current information as it becomes available under our COVID-19 Actionable Insights For Businesses Series.
On April 19, 2021, the Small Business Administration (SBA) announced key details on the application process and requirements for the Restaurant Revitalization Fund (RRF). As detailed in our previous blog post, the RRF is a $28.6 billion-dollar tax-free grant program that will be available to restaurants and other food/drink service businesses that experienced revenue loss related to the COVID-19 pandemic. The following list includes important details on opening dates and the application process you need to know:
Registration for the program will open on April 30, 2021, at 9 a.m. ET. At this time, eligible restaurants can register for an account on the SBA’s website here before the opening of the application submission window.
The official RRF application submission window opens on May 3, 2021, starting at noon ET. In preparation for this date, the SBA advises eligible entities to familiarize themselves with the application process in advance.
Businesses eligible for this grant include restaurants, bars and businesses where the public or patrons assemble for the primary purpose of being served food or drink.
Applications for grants can be made directly through the SBA by phone, using the forthcoming online portal or through SBA-recognized Point of Sale Restaurant Partners.
SBA-recognized Restaurant Partners, or Point of Sale (POS) Restaurant Partners, are recognized technology companies that provide software, hardware and payment services to the restaurant industry. It appears that only Square and Toast will support the submission of an application, but all POS partners will provide knowledge support and gross receipts documentation (Square, Toast, Clover and NCR/Aloha).
Restaurants do not have to register with SAM.gov or have a DUNS or CAGE number to apply.
There is a priority period during the first 21 days after the application portal opens. All eligible applications will be accepted during this time, but only applications from certain priority groups will be processed.
Priority groups include small businesses owned primarily by individuals who are women, veterans, or socially and economically disadvantaged.
At the conclusion of the priority period, the SBA will continue accepting applications from all eligible businesses, processing them in the order they are approved.
The minimum amount of RRF grant a business can receive is $1000.
Further information on the application process is forthcoming from the SBA. Due to the ongoing economic uncertainly and limited funding, we encourage qualifying restaurants to act quickly. If you have questions about how to apply for the RRF, Moore Colson’s Hospitality Practice can help. Contact us for more information.
