What You Need To Know About The Restaurant Revitalization Fund (RRF)
Help is here for the hardest-hit small businesses in the restaurant industry. The Restaurant Revitalization Fund is a lifeline for America’s irreplaceable gathering places to get back on their feet. The SBA made public the official Restaurant Revitalization Fund Application and program guidelines so eligible entities can begin putting together the required paperwork.
This application process is done directly with the SBA* and not your financial institution. We at WestStar want to provide our clients important information to take advantage of this program.
Eligible entities include restaurants, food stands, food trucks, food carts, caterers, saloons, inns, taverns, bars, lounges, brewpubs, tasting rooms, taprooms, licensed facilities, or premises of beverage alcohol producers where the public may taste a sample, or purchase products, or other similar places of business in which the public or patrons assemble for the primary purpose of being served food or drinks.
Please Note: Per the American Rescue Plan Act, the SBA is prioritizing application review. For the first 21 days that the program is open, the SBA will prioritize reviewing applications from small businesses owned by women, veterans, and socially and economically disadvantaged individuals. Additionally, the SBA has set aside billions of dollars for the smallest of the small businesses to ensure access to Restaurant Revitalization Fund grants is equitable and accessible to underserved businesses. Those who own more than twenty restaurants are not eligible for the RRF, as well as publicly traded companies; however, if you own a franchise of a publicly-traded company, your business is eligible.
Preparing To Apply
It is expected that demand will be extremely high for the RFF grants, therefore, we recommend you do everything you can to be as prepared as possible. While the program hasn’t opened yet, you can start preparing your application by reviewing the sample application, program guide, and cross-program eligibility chart on SBA COVID-19 relief options. Those who are eligible will be able to apply through SBA-recognized Point of Sale Restaurant Partners or directly via SBA in a forthcoming online application portal. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
Please Note: Registration with SAM.gov is not required. DUNS or CAGE identifiers are also not required.
*When You Can Apply
While the program has not opened yet, it is expected that the official application launch date will be announced shortly. Ahead of the application launch and over the next two weeks, the SBA will establish a seven-day pilot period for the RRF application portal and conduct extensive outreach and training on how to apply, application requirements and where to apply. Participants in this pilot will be randomly selected from existing PPP borrowers in priority groups for RRF and will not receive funds until the application portal is open to the public.