The new Restaurant Revitalization Fund, part of the recently passed American Rescue Plan Act, will provide $28.6 billion in grants to restaurants and bars in need.
Currently, the SBA is not accepting applications for RRF. However, you can prepare your application by reviewing the sample application, program guide and cross-program eligibility chart on SBA COVID-19 relief options. You will be able to apply through SBA-recognized Point of Sale Restaurant Partners, or directly via the SBA in a forthcoming online application portal. Registration with SAM.gov is not required. DUNS or CAGE identifiers are also not required.
Following the pilot, the application portal will be opened to the public. 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. Following the 21-day period, all eligible applicants are encouraged to submit applications.
For all intents and purposes, this program is a Grant. Similar to the PPP, though, it’s only a Grant if received funds are used for specific purposes. Thankfully, you have until March 11th of 2023 to use the funds, so the SPB Team is confident that we will receive full forgiveness for all clients. The use of these funds are extremely similar to the current PPP uses (such as on payroll).
The bad news is that the application itself looks complicated. Our team has reviewed the RRF Application and it is 16 pages long. Not only is it going to be difficult, but we have to gather a litany of information that the SBA is asking for. We are envisioning the application process itself taking a total of around 20 manual hours to gather the required info, calculate the proper RRF amount, fill out the application, and then to generally deal with any back-and-forth correspondence from the SBA.
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 the RRF, and they will not receive funds until the application portal is open to the public.
Would you like to learn more about how we work and how to file for the RRF Program? We invite you to take a tour of our services.
Let’s talk soon!
Southern Payroll and Benefits
4159 Ringgold Rd. #207
Chattanooga, TN 37412
Monday-Friday 8 a.m.-5 p.m.