The U.S. Small Business Administration (SBA) is now accepting Restaurant Revitalization Fund (RRF) applications. Entities can apply through SBA-recognized Point of Sale vendors or directly with SBA via an online application portal. I encourage all eligible businesses in need to relief funding to apply today!
The American Rescue Plan Act established the RRF to provide funding to help restaurants and other eligible businesses keep their doors open by providing funding equal to their pandemic-related revenue loss up to $10 million per business. As long as the funds are used for eligible expenses by March 11, 2023, the funds do not need to be repaid.
Eligible entities who have experienced pandemic-related revenue loss include restaurants, food stands, food trucks, food carts, caterers, bars, saloons, lounges, taverns, snack and nonalcoholic beverage bars, bakeries, brewpubs, tasting rooms, taprooms, breweries, microbreweries, wineries, distilleries, inns with on-site sales of food and beverage to the public, and licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products. Registration with SAM.gov is not required, nor does the entity need to have a DUNS or CAGE identifier.
The RRF funds can be used for specific expenses including payroll, mortgage and rent payments, debt services, utility payments, maintenance expenses, construction of outdoor seating, business supplies, business food and beverage expenses, covered supplier costs, and operating expenses.
The SBA has given priority to small businesses with at least 51% ownership by women, veterans, or socially and economically disadvantaged individuals. $500 million is set aside for applicants with 2019 gross receipts of no more than $50,000; $5 billion for applicants with 2019 gross receipts of up to $500,000; and $4 million for applicants with 2019 gross receipts from $500,001 to $1.5 million.
The SBA has made a sample application and program guide available on the RRF website, listed the verification documents that are required with the application, and provided details on the RRF program and process. For more information, visit https://www.sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund.
Don’t wait, apply now!
Julie Anderson is the commissioner of the Alaska Department of Commerce, Community, and Economic Development.