The Small Business Administration (SBA) will begin accepting applications for the Restaurant Revitalization Fund (RRF) at 9 AM on May 3, 2021. The SBA also announced all interested applicants should register in advance starting April 30. Applicants from women-owned, veteran-owned, and/or socially and economically disadvantaged businesses will be reviewed in a 21-day priority period, but all applicants should plan to apply on May 3 as funds may run out quickly.
The RRF is a $28.6 billion program providing free monetary awards to restaurants and other food and beverage businesses that sustained financial losses from the COVID-19 pandemic. Grants do not need to be repaid if used in full by March 10, 2023. Funds may be used to purchase supplies, make payroll, meet debt obligations, pay for the construction of outdoor seating or to cover other eligible expenses including upgrading to contactless clocks and health screening systems for employees.
Entities that own a place of business where the public or patrons assemble for the primary purpose of being served food or drink, including:
- Restaurant, Food Stand, Food Truck, Food Cart
- Snack and Nonalcoholic Beverage Bar
- Bar, Lounge, Saloon, Tavern
- A licensed facility or premise of a beverage alcohol producer where the public may taste, sample, or purchase products
- Other similar places of business in which the public or patrons assemble for the primary purpose of being served food or alcohol.
Eligibility is limited for these entities that have onsite sales to the public of at least 33% of gross receipts:
- Brewery, Brewpub, Microbrewery, Taproom, Tasting room
Ineligible entities include the following:
- Entities who owns or operates more than 2O locations, regardless of whether those locations do business under the same or multiple names
- The entity has received a Shuttered Venues Operations Grant (SVOG) or has a pending SVOG application
- The entity is a publicly traded corporation or is majority-owned and controlled by a publicly traded corporation
- The entity is permanently closed
- The entity is a non-profit
- The entity filed for bankruptcy
An entity can receive a tax-free federal grant equal to the amount of its pandemic-related revenue loss, less the total amount it received in all PPP loans.
Aggregate grants made to an eligible entity, and any affiliated businesses of the eligible entity, are limited to $5M per physical location and $10M total for the eligible entity.
How Can We Help?
To learn ways in which we can help your organization best take advantage of the upcoming round of grant funding, contact Time Equipment Company at email@example.com or 800-997-8463.
*This information simplifies complex Acts as it is understood by Time Equipment Company. It is not to be taken as legal advice. The regulations for this program are changing. For further information about the Restaurant Revitalization Fund, please visit www.sba.gov.