The U.S. Small Business Administration has unveiled opening dates for the much-anticipated Restaurant Revitalization Fund (RRF).
Registration for the $28.6 billion program will open at 9:00 a.m. ET on April 30, with the doors opening for application submissions starting at noon ET on May 3.
In preparation for the May 3 opening of the application window, the SBA advised eligible entities to familiarize themselves with the application process in advance. Specific steps recommended include:
Registering for an account in advance at sba.gov starting Friday, April 30, 2021, at 9 a.m. ET.
Reviewing the official guidance, including the program guide, frequently asked questions, and application sample.
Preparing the required documentation.
Working with a point-of-sale vendor or visiting 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.)
Restaurants and other food providers hard-hit during the COVID-19 pandemic have been anxiously awaiting direct aid to help them recover after more than a year of government-imposed closures and dramatic reductions in sales. The 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.
Eligible entities for the RRF include the following:
Food stands, food trucks, and food carts;
Bars, saloons, lounges, and taverns;
Snack and nonalcoholic beverage bars;