26 Mar Restaurant Revitalization Fund
Restaurant Revitalization Fund (RRF) is coming out through the Small Business Administration(SBA)
The new Restaurant Revitalization Fund (RRF) is coming out through the Small Business Administration(SBA) as part of the recently signed American Rescue Plan Act (ARPA). The SBA also announced yesterday that they are targeting early April to launch a phased rollout of the RRF. Additional information about this program should come out over the next week.
The RRF will offer $28.6 billion in grants to hard-hit restaurants and bars, with these able to apply for grants based on lost revenue. Additionally, $5 billion of that total will be set aside expressly for businesses with 2019 gross receipts of less than $500,000.
Most American restaurants and bars that lost revenue in 2020 versus 2019 will be eligible to apply for RRF grants. The ARPA explicitly names the following types of establishments that should be eligible: “restaurant, food stand, food truck, food cart, caterer, saloon, inn, tavern, bar, lounge, brewpub, tasting room, taproom, licensed facility or premise of a beverage alcohol producer where the public may taste, sample, or purchase products.”
However, any restaurant or bar that is part of a publicly-traded company or owned by a state or local government is not eligible to apply. Also, owners that operate more than 20 restaurants are ineligible. Notably, if you are the owner of a franchise and you do not control more than 20 locations, you are likely eligible to apply.
If you are interested in applying when the application opens you should visit this page on the SBA website to watch for more details. https://www.sba.gov/funding-programs/loans/covid-19-relief-options