Alert: Application Period for the Restaurant Revitalization Fund Ends Monday, May 24, 2021

On May 18, 2021, the Small Business Administration (SBA) announced that the application portal for the Restaurant Revitalization Fund (RRF) will close on Monday, May 24, 2021, at 8 p.m. eastern time. As detailed in our previous blog post, the RRF is a $28.6 billion-dollar tax-free grant program available to restaurants and other food / drink service businesses that have experienced revenue loss related to the COVID-19 pandemic. After opening the application portal and releasing details on how to apply, the SBA has now announced that the program will soon be closing to new applicants. Here is what you need to know:

• Applications for a Restaurant Revitalization Fund grant are open for all applicants until Monday, May 24, 2021, at 8 p.m. eastern time.
• There are $220 million in funds still available set aside for businesses with less than $50,000 of gross revenue in 2019 that have experienced a revenue loss associated with the COVID-19 pandemic. 
• Eligible businesses can apply online on the SBA website or through SBA recognized point-of-sale vendors. Read our blog post on the RRF application process for more details.
• Applicants can access the online SBA application at the Restaurant Revitalization Award Portal. 
• Applications are processed in the order they are received.

Due to the application deadline quickly approaching and limited funding, we encourage qualifying businesses to act quickly. If you have any questions about how to apply for the RRF, Moore Colson’s Hospitality Practice can help. Contact us for more information.