Registration for the Restaurant Revitalization Fund Opens Friday, April 30th
The U.S. Small Business Administration recently announced that registration for the Restaurant Revitalization Fund will open at 8 AM CST on Friday, April 30th. In addition, applications for the fund will open Monday, May 3rd at 11 AM CST.
Earlier this month, Congress passed the American Rescue Plan Act of 2021, which established a Restaurant Revitalization Fund (RRF). The RRF earmarks $28.6 billion in funding toward restaurant owners/operators like you who may have been impacted by COVID-19.
The details on how you can apply and timelines for when funding will be available are still being developed by the Small Business Administration (SBA). While we wait for the application process to open, we have compiled a summary on what we understand are the highlights of the RRF.
Is your business eligible?
Eligibility for this fund spans a wide range of establishments, including:
- Food stands
- Food trucks
- Food carts
- Tasting rooms
- Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products, or other similar places of business where the public assembles for the primary purpose of being served food or drink
How much funding could you receive?
Your business may be eligible to receive up to all of its pandemic-related revenue loss within a specified time period.
The RRF covers a specific list of costs regarding your business, including:
- Payroll costs
- Payments of principal or interest on any mortgage obligation (excluding prepayments)
- Rent payments, including rent under a lease agreement (excluding prepayments)
- Maintenance expenses, including construction, materials, furniture, fixtures, and equipment to accommodate outdoor seating
- Supplies, including protective equipment and cleaning materials
- Food and beverage expenses that are within the scope of the normal business practice of your establishment before the covered period
- Covered supplier costs (as defined in the Small Business Act)
- Operational expenses
- Paid sick leave
- Any other expenses that the Administrator determines to be essential to maintaining your business
Want more help with COVID-19 relief? Send us an email at email@example.com for more help.