Restaurant revitalization fund grants to be oversubscribed, timing is key
As restaurant operators register for the Restaurant Revitalization Fund (RRF) grants, they are turning their attention to the start time for submitting the actual application: 12 p.m. today, May 3, 2021. Once registered, restaurants can submit their application at restaurants.sba.gov and register & apply through a partner POS provider. (No separate registration is needed when using a POS web application.)
Preparedness is key in making the application successful and expediting a response. According to the National Restaurant Association and experts, these grants will be oversubscribed.
The National Restaurant Association put out a step-by-step guide for the RRF application process. Please visit https://restaurant.org/downloads/pdfs/business/applying-for-rrf
Although the first 21 days are prioritized for food businesses owned and controlled by women, veterans and economically- and socially-disadvantaged applicants, it is still important for restaurant operators to be the first to submit an application even though they may not be in these categories. This is a first-come, first-served affair, and getting in the queue is critically important.
With the signing of the American Rescue Plan, restaurant operators will get much-needed support for their operations, according to the Association. Part of the Act, signed into law by President Joe Biden, includes the RRF, bringing $28.6B to the table to help the restaurant industry, which has seen a loss of $255B in sales and 110,000 restaurant closures.
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