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