Restaurant Revitalization Fund to Open Monday, May 3, 2021
Registration for Application Portal to Begin Friday, April 30, 2021
The Small Business Administration (SBA) has announced that registration for the SBA application portal for Restaurant Revitalization Fund (RRF) grants will begin on Friday, April 30, 2021, at 9 am ET and that the application period will officially open on Monday, May 3, 2021, at noon ET.
As noted in our previous blog posts on March 30, 2021 and April 1, 2021, the RRF, administered by SBA, was established by American Rescue Plan and will provide funding to help restaurants and other businesses that engage in significant in-person service of food and beverages, including certain breweries and brewpubs, that have been severely impacted by the COVID-19 pandemic. This RRF program will provide grant funding equal to their pandemic-related revenue loss up to certain limitations. Recipients will not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
The SBA has been releasing details of the application program it is establishing as that program takes form. We already knew that the SBA intends to use an online application portal for applications. In addition, the SBA recently released the application form it intends to use.
Now, we also know that registration for the SBA application portal will begin on Friday, April 30, 2021, at 9 am ET and that applications will open on Monday, May 3, 2021, at noon ET. See the SBA website.
While all eligible applicants can file applications on Day 1, processing of applications during Days 1 through 21 of the application period will be limited to “priority applicants,” defined as a small business concern that is at least 51 percent owned by one or more individuals who are women, veterans, or who are socially and economically disadvantaged. Applicants must self-certify on the application that they meet eligibility requirements. “Socially disadvantaged” individuals are those who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities. “Economically disadvantaged” individuals are those socially disadvantaged individuals whose ability to compete in the free enterprise system has been impaired due to diminished capital and credit opportunities as compared to others in the same business area who are not socially disadvantaged.
On day 22 of the application period, the SBA will begin to process applications from all eligible applicants and process applications in the order in which they are approved by SBA, until the $28.6 billion RRF has been exhausted.
We encourage all eligible applicants to file their applications as soon as possible when the portal opens, so they are in the queue when processing is available for a broader range of applicants.