A main feature of the fund will be a new federal program for restaurant owners with 20 locations or less…apply for tax-free grants of up to $5M per location
The Small Business Administration (SBA) released $83M in pending unobligated Restaurant Revitalization Fund (RRF) grant amounts today, according to the National Restaurant Association. The released funds went to 169 restaurant operators that had submitted applications that were pending.
The National Restaurant Association has identified a new opportunity with the Restaurant Revitalization Fund (RRF), which appropriated $28.6B in funding for grant awards to restaurants that saw their gross receipts fall in 2020. A RRF Replenishment Act being introduced in Congress would provide for another $60B in funding to the Small Business Administration (SBA) to continue supporting the industry with grants even after the SBA closed the portal for grant applications.
The National Restaurant Association published a Next Steps Guide for restaurant owners that applied for and received Restaurant Revitalization Fund (RRF) grant awards, and is also providing an expense tracker. The tracking tool was developed in partnership with the American Institute of Certified Public Accountants.
The Small Business Administration announced that $2.7B in Restaurant Revitalization Fund grants have already been disbursed and reported that more than $23B has been requested thus far. A total of 21,000 restaurants have received funding since the application process opened on May 3, 2021 for the $28.6B relief program.
The Small Business Administration reported that in the first two days of receiving applications for the Restaurant Revitalization Fund, there was an incredible amount of interest evident. A total of 186,200 applications came from all 50 of the United States, Washington, DC and five US Territories.
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.)
The US Small Business Administration announced that it will start accepting Restaurant Revitalization Fund grant applications Monday, May 3, 2021 at 12 p.m. EDT. As a precursor, eligible restaurant operators can begin registering in the SBA’s system starting Friday, April 30, 2021 at 9 a.m. EDT.
The US Small Business Administration is working with point-of-sale providers to implement technology to help restaurant operators submit a Restaurant Revitalization Fund application. Isabella Casillas Guzman, Small Business Administration (SBA) administrator, says that the collaboration is one of several creative and innovative ways the SBA is working to connect with entrepreneurs in underserved communities.
The National Restaurant Association shared updated guidance on eligibility and needed documentation for Restaurant Revitalization Fund (RRF) Grants. The Small Business Administration has indicated that a DUNS number will not be needed for the RRF, nor registration in SAMS, simplifying the process.
With the signing of the American Rescue Plan, restaurant operators will get much-needed support for their operations, according to the National Restaurant Association. Part of the Act, signed into law by President Joe Biden, includes the Restaurant Revitalization Fund (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.
