- Restaurateurs can register for an account on the RRF website starting on Friday, April 30, and the portal for applications will open on Monday, May 3.
- Restaurant owners are urged to prepare in advance and submit their applications on the first day because the funds will be exhausted quickly.
The Small Business Administration (SBA) will start accepting applications for the Restaurant Revitalization Fund (RRF) at 12 noon (ET) on Monday, May 3, SBA Administrator Isabella Casillas Guzman announced today.
The SBA recommends registering for an account on the RRF website in advance. Registrations will begin at 9 a.m. (ET) on Friday, April 30.
All eligible applicants are encouraged to submit applications as soon as the portal opens. The online application will remain open to any eligible establishment until all funds are exhausted, Guzman said in a press release.
“Restaurants are the core of our neighborhoods and propel economic activity on main streets across the nation,” Guzman said. “They are among the businesses that have been hardest hit and need support to survive this pandemic. We want restaurants to know that help is here.”
“The SBA has focused on the marketplace realities of our food and beverage businesses in designing the Restaurant Revitalization Fund to meet businesses where they are,” she added. “And we are committed to equity to ensure our smaller and underserved businesses, which have suffered the most, can access this critical relief, recover, and grow more resilient.”
Established under the American Rescue Plan and signed into law by President Joe Biden on March 11, the RRF provides $28.6 billion in direct relief funds to restaurants and other hard-hit food establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic.
The 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. Funds must be used for allowable expenses by March 11, 2023.
To be prepared, the SBA recommends applicants familiarize themselves with the application process in advance to ensure a smooth and efficient application experience. The SBA recommends taking the following steps:
- Registering for an account in advance at sba.gov starting Friday, April 30, at 9 a.m. (ET).
- Reviewing the official guidance, including 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.]
- Attending a live recorded virtual training webinar.
The schedule for live webinars is as follows:
- Tuesday, April 27 | 2:30 p.m. ET | Register here
- Wednesday, April 28 | 1 p.m. ET | Register here
- Wednesday, April 28 | 2:30 p.m. ET | Register here
For the program’s first 21 days, the SBA will prioritize funding applications from businesses owned and controlled by women, veterans and socially and economically disadvantaged individuals. Regardless, if you don’t meet these criteria, you should still plan to submit your application as soon as the portal opens. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.
To ensure equitable distribution of relief, particularly for the smallest businesses, the SBA has created a $9.5 billion set-aside, including $5 billion for applicants with 2019 gross receipts of not more than $500,000, $4 billion for applicants with 2019 gross receipts from $500,001 to $1,500,000, and $500 million for applicants with 2019 gross receipts not more than $50,000.