The SBA announced it will allow potential applicants to register and open up accounts to apply for Restaurant Revitalization Fund (RRF) grants starting April 30, 2021, at 9:00 a.m. EDT. Actual applications may be submitted starting Monday May 3, 2021, at noon EDT. The online application will remain open to any eligible establishment until all of the $25 billion of available funds is exhausted.
For the first 21 days that the program is open, the SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. However, all eligible applicants should submit applications as soon as the online application portal opens. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.
In preparation, the SBA recommends qualifying applicants familiarize themselves with the application process in advance to ensure a smooth and efficient application experience, specifically by:
The program includes $5 billion set aside for applicants with 2019 gross receipts of $500,000 or less; an additional $4 billion set aside for applicants with 2019 gross receipts from $500,000 to $1.5 million; and an additional $500 million set aside for applicants with 2019 gross receipts of $50,000 or less.
The SBA may provide funding of up to $5 million per location, not to exceed $10 million for the applicant and any affiliated businesses. The minimum award is $1,000. Calculations for payment are:
Entities that began operations partially through 2019 may elect to use either Calculation 2 or Calculation 3.
Funds may be used for specific expenses, including:
For purposes of this program, gross receipts do not include:
If you have any questions about this please contact your ALL advisor or call us at 617-738-5200.