Small Business Administration Sets Opening Dates for Restaurant Revitalization Fund
The U.S. Small Business Administration (SBA) recently announced opening dates for the Restaurant Revitalization Fund (RRF). Registration for the $28.6 billion program will open at 9 a.m. ET on April 30, and eligible entities may begin submitting applications starting at noon ET on May 3.
The SBA advises 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, at 9 a.m. ET.
- Reviewing the official guidance, including the program guide, FAQs and application sample.
- Preparing the required documentation.
- Working with a point-of-sale vendor or visiting sba.gov to apply when the portal opens. If an applicant is working with a point-of-sale vendor, they do not need to register beforehand on the site.
The RRF will award eligible entities 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 entities 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 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 all eligible entities submit applications as soon as the portal opens.
For more details on the RRF, see Small Business Administration Announces Details of Restaurant Revitalization Fund.