$28.6 Billion RRF Opens TODAY
This communication has time sensitive information on the $28.6 billion SBA Restaurant Revitalization Fund (RRF). According to IFMA, funding will go quick so please submit your application timely to ensure access to funds.
What is the SBA Restaurant Revitalization Fund
- Delivers emergency assistance for eligible restaurants, bars, food trucks, caterers, snack bars, inns and other qualifying businesses impacted by COVID-19
- Provides 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
- Does not require repayment as long as the funds are used for eligible costs no later than March 11, 2023
- Accepts applications from all eligible applicants on May 3, but will only process for priority group applications for first 21 days:
- Days 1 – 21: Applications processed and funded for priority group including small businesses owned by women, veterans, or socially/economically disadvantaged individuals
- Days 21 – Fund Exhaustion: Applications accepted for all eligible applicants and processed in the order in which they are approved by SBA
- Allows spending on payroll, mortgage, rent, utilities, food & beverage, maintenance, outdoor seating, supplies, PPE …
What are the steps you should take
SBA Application Registration – Opens Friday, April 30, 2021
- Register on the SBA application portal at 9 am EST at https://restaurants.sba.gov/requests/borrower/login/?next=/
- Sign up for RRF email alerts at https://public.govdelivery.com/accounts/USSBA/subscriber/new?topic_id=USSBA_354
- Complete sample version of RRF application at https://www.sba.gov/document/sba-form-3172-restaurant-revitalization-funding-application-sample
- Get assistance preparing your application at https://ussbaforgiveness.zendesk.com/hc/en-us/categories/360005965311-Restaurant-Revitalization-Fund-Knowledge-Base
- Attend SBA optional webinar covering RRF program details and how to submit an application:
- Gather required application documents:
- Verification for Tax Information: IRS Form 4506-T
- Gross Receipts Documentation: IRS Form 1120, IRS Forms 1040s, Bank statements, Point of sale report
SBA Application Process – Opens Monday, May 3, 2021
- Complete RRF application at 12 pm EST at https://restaurants.sba.gov/accounts/signup/?next=/
SBA Optional Information Webinars – Tuesday, May 4, 2021
- Attend SBA webinars covering RRF program details and how to submit an application:
Below are other links for additional information and guidance on the RRF:
- https://www.ifdaonline.org/issues-advocacy/education/coronavirus-resources/restaurant-fund
- https://www.qsrmagazine.com/finance/how-apply-restaurant-revitalization-fund?utm_campaign=20210420&utm_medium=email&utm_source=jolt
- https://www.bdo.com/blogs/restaurants/march-2021-(1)/the-american-rescue-plan-act-and-the-restaurant
- https://www.restaurant-hospitality.com/finance/answering-questions-about-american-rescue-plan-and-restaurant-revitalization-fund