For all our hospitality friends, there’s a brand new program being rolled out by the SBA, and it makes sense to prepare now for it.
The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This RRF 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 list of eligible applicants is long and includes, among others, breweries, bars, restaurants, and bakeries. The SBA anticipates that funding will go quickly, so it’s best to be prepared now even though the public application window doesn’t open until May. There’s a sample application and an easy-to-read chart providing clear eligibility examples.
Notably, the SBA will prioritize its review of applications from small businesses owned by women, veterans, and socially and economically disadvantaged individuals.
Be prepared now. If you have questions about this or other pandemic-related relief, feel free to give a call.