The U.S. Small Business Administration began accepting applications earlier this month for its Restaurant Revitalization Fund (RRF). The application portal will remain open to any eligible business until all funds are exhausted.
Established under the American Rescue Plan and signed into law by President Joe Biden on March 11, the Restaurant Revitalization Fund provides a total of $28.6 billion in direct relief funds to restaurants and other food establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic. This 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.
Fund recipients are not required to repay the funding as long as the funds are used for eligible purposes no later than March 11, 2023.
To prepare to apply, the SBA recommends qualifying applicants familiarize themselves with the application process to ensure a smooth and efficient application. If you are working with Square or Toast, you do not need to register.
For more information, visit sba.gov/restaurants.
In addition, the SBA reopen the Shuttered Venue Operators Grant application portal for operators of live venues, live performing arts organizations, museums and movie theaters, and live venue promoters, theatrical producers and talent representatives to apply for critical economic relief.