Restaurant Revitalization Fund
The newly passed American Rescue Plan Act (ARPA) aimed to help restaurants, bars and related businesses keep their doors open has established the Restaurant Revitalization Fund (RRF). This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
The Small Business Administration (SBA) is currently not accepting applications. However you can prepare your application by reviewing the sample application, program guide and cross-program eligibility chart. You will be able to apply directly with the SBA in a forthcoming online application portal.
The official application launch date will be announced shortly by SBA. Ahead of the application launch and over the next two weeks, SBA will establish a seven-day pilot period for the RRF application portal and conduct extensive outreach and training on how to apply, application requirements and where to apply. Participants in this pilot will be randomly selected from existing Paycheck Protection Program (PPP) borrowers in priority groups for RRF and will not receive funds until the application portal is open to the public.
Following the pilot, the application portal will be opened to the public. For the first 21 days that the program is open, SBA will prioritize reviewing applications from small businesses owned by women, veterans, and socially and economically disadvantaged individuals. Following the 21-day period, all eligible applicants are encouraged to submit applications.
For more information on how and when to apply and other program details please check the SBA's website dedicated to the RRF: www.sba.gov/restaurants
Restaurant Revitalization Fund Training
During this training we will review:
• What are the eligibility requirements?
• How much am I eligible for?
• How do other SBA relief programs impact RRF?
• What are the eligible uses of funds?
• And more.
Several trainings will have a specific business owner focus but everyone is welcome to attend any of the trainings.
April 26, 2:30 pm - Women Focused (with the Women's Business Alliance and WomenVenture)
April 27, 10 a.m. - General Session (hosted by the Minneapolis Regional Chamber with SBDC St Thomas co-presenting)
April 27, 4 p.m. - In Spanish/En Español (with the Latino Economic Development Center)
April 28, 9 a.m. - Application Workshop (with the North Central SBDC)
April 28, 2:30 p.m. - Small Disadvantaged Businesses Focused(with NEON and NDC)
April 29, 10 a.m. - Veteran Focused (with the Veteran's Business Outreach Center)
May 3, 4 p.m. - Hmong Focused
Additional General Sessions
May 4, 10 a.m.; May 6, 4 p.m.; or May 10, 4 p.m.