What Is the Restaurant Revitalization Fund

By Jody H. Chesnov CPA | May 19, 2021

The restaurant industry has been among the hardest-hit sectors during the economic downturn caused by the COVID-19 pandemic. To help bring jobs back and revive the industry, 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 program will support restaurants with grants 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 funds as long as they are used for eligible expenses no later than March 11, 2023.

(Read more about the stimulus bill here).

Who can apply:

The following entities who have experienced pandemic-related revenue loss are eligible:

  • Restaurants
  • Food stands, food trucks, food carts
  • Caterers
  • Bars, saloons, lounges, taverns
  • Snack and non-alcoholic beverage bars
  • Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products
  • The following entities, where onsite sales to the public comprise at least 33 percent of gross receipts:
    • Bakeries 
    • Brewpubs, tasting rooms, taprooms 
    • Breweries and/or microbreweries 
    • Wineries and distilleries 
    • Inns 

When to apply 

The Restaurant Revitalization Fund first opened on Monday, May 3 at noon ET. Restaurant operators began the registration process starting on Friday, April 30 at 9:00 a.m. ET.  

For the first 21 days, the program is open, the SBA has prioritized reviewing applications from small businesses owned by women, veterans, and socially and economically disadvantaged individuals.

However, after the 21 days, starting May 24, the SBA will begin accepting applications from all eligible businesses.

How to apply

You can apply directly through the SBA in a forthcoming online application portal here.  

For complete details on the SBA’s Restaurant Revitalization Fund, visit the SBA Restaurant Revitalization Fund site, here.

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Posted in Accounting, COVID-19