SBA to Launch Restaurant Revitalization Fund

2021-04-28T09:43:58-04:00 April 27th, 2021|

4/28/2021 Update:

The SBA has announced that the Restaurant Revitalization Fund portal will accept applications beginning Monday, May 3rd at noon.

4/27/2021

The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses remain open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business, and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11th, 2023.

SBA has not yet opened applications for the program; however, information regarding eligibility and required documentation is being publicized early in an effort to help qualifying establishments prepare.

Eligible entities who have experienced pandemic-related revenue loss include:

  • Restaurants
  • Food stands, food trucks, food cart
  • Caterers
  • Bars, saloons, lounges, taverns
  • Snack and nonalcoholic beverage bars
  • Bakeries (onsite sales to the public comprise at least 33% of gross receipts)
  • Brewpubs, tasting rooms, taprooms (onsite sales to the public comprise at least 33% of gross receipts)
  • Breweries and/or microbreweries (onsite sales to the public comprise at least 33% of gross receipts)
  • Wineries and distilleries (onsite sales to the public comprise at least 33% of gross receipts)
  • Inns (onsite sales of food and beverage to the public comprise at least 33% of gross receipts)
  • Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products

Restaurants and other eligible businesses that would like to prepare their applications should review this sample application form. Additional required documentation will include verification of tax information and gross receipts documentation, with additional supporting documentation needed for inns, brewpubs, tasting rooms, taprooms, breweries, wineries, distilleries, or bakeries.

Once applications open, SBA will prioritize for the first 20 days applications where the applicant has self-certified that it meets the eligibility requirements for a small business owned by women, veterans, or socially and economically disadvantaged individuals. Following that period, all eligible business applications will be accepted.