The U.S. Small Business Administration (SBA) will begin registrations for the Restaurant Revitalization Fund (RRF) this Friday, April 30th at 9am (Eastern Time) and will open applications on Monday, May 3rd at 12pm (Eastern Time). 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. Funds must be used for allowable expenses by March 11, 2023.
Go to the SBA’s RRF page for details on eligibility, needed documentation, grant calculations and related links. The SBA recommends that qualifying applicants register for an account at restaurants.sba.gov starting Friday, April 30th. Applicants can then work with a point-of-sale vendor or visit restaurants.sba.gov to submit an application when the application portal opens on Monday May 3rd. The SBA added that if an applicant is working with a point-of-sale vendor, they do not need to register beforehand on the site.
For the first 21 days that the program is open, the SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. After the first 21 days, all eligible applications will be funded on a first-come, first-served basis. Further the SBA has created a $9.5 billion set-aside to serve the smallest businesses and ensure the equitable distribution of relief.
Pace University's Lubin School of Business is offering free one-on-one counseling sessions with their NYS-certified business advisor team. Their advisors can help you determine eligibility, calculate the grant amount, understand necessary documentation requirements, and more! Click here to schedule a counseling session.
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