Restaurant Revitalization Fund
The Small Business Administration (SBA) has released details on the application and eligibility requirements for the $28.6 billion Restaurant Revitalization Fund (RRF). The funding – included in the American Rescue Plan and run by the SBA – will assist the hardest-hit restaurants with the funds they need to meet payroll, purchase COVID-related supplies, and recover industry jobs lost during the pandemic.
The application requirements, eligibility, and a program guide are now available in English and Spanish.
Restaurant Revitalization Fund details – English (www.sba.gov/restaurants)
Restaurant Revitalization Fund details – Spanish (www.sba.gov.restaurantes)
Over the next two weeks, the SBA will create a seven-day pilot period for the application portal and conduct outreach and training. Participants in the pilot program will be randomly selected from existing Payroll Protection Program borrowers and will not receive RRF funds until the application portal is open to the public. During the pilot period, the SBA will address technical issues ahead of the public launch.
All eligible businesses are encouraged to apply, but during the first 21 days, priority will be given to businesses owned by women, veterans and socially and economically disadvantaged individuals.