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5 Reasons Why You Should Apply for the Restaurant Revitalization Fund

5 Reasons Why You Should Apply for the Restaurant Revitalization Fund 1

6/22/2021 RRF Update: The SBA is no longer accepting applications for the Restaurant Revitalization Fund; all money has been allocated. Earlier this month, lawmakers introduced the RRF Replenishment Act to provide an additional $60B in funding to process applications that are still in the SBA queue. Refer to the National Restaurant Association’s RRF FAQs for updates and guidance, as well as tools for RRF recipients.

We understand if you want to glaze over yet another article on yet another COVID-19 funding relief program, but the Restaurant Revitalization Fund is worth your time and attention (even if you’re using other federal relief programs, such as PPP and ERC).

The SBA started accepting RRF applications on Monday, May 3rd. For the first 21 days, they will prioritize applications from organizations that are at least 51% owned by one or more individuals who are women, veterans, or socially and economically disadvantaged.

To get started, register an account with the SBA to apply for the Restaurant Revitalization Fund (RRF). (If you are working with Square or Toast, you do not need to register.)

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5 reasons why you should apply for the Restaurant Revitalization Fund

1.  The RRF application process is relatively straight-forward: Answer 10 basic questions about your business, complete a calculation worksheet (using info from your 2019 & 2020 tax returns, and other SBA relief programs), and self-certify that your answers are truthful. Check out a sample RRF application »
(And, you DO NOT need to register with SAM.gov or have a DUNS number to apply.)

2.  You may receive an award equal to your pandemic-related revenue loss up to $10 million per business (no more than $5 million per physical location).

3.  You have almost 2 years to spend the grant on eligible payroll & operating costs.

4.  You can have an RRF grant and still claim payroll tax credits, such as ERC and FFCRA paid sick leave. In general, you can use RRF with other federal relief programs, but there are some SBA cross-program eligibility requirements to note(e.g., entities that have an application pending or received a Shuttered Venue Operators Grant are not eligible for RRF.)

5.  To ensure that more small businesses can access the grant, the SBA has set aside funding to prioritize small businesses owned by women, veterans, or “socially and economically disadvantaged individuals.”

RRF Resources

Restaurant Revitalization Fund FAQs

How do I apply for the Restaurant Revitalization Fund?2021-05-05T21:29:06+00:00

There are three ways to apply for an RRF grant:

  • Via an SBA Restaurant POS Partner
  • Online at restaurants.sba.gov
  • Via phone at (844) 279-8898 (that’s also the number to call if you need application assistance)

Visit the SBA’s RRF website for detailed information on how and when to apply for the restaurant grant.

Watch this SBA video for tips on how to apply for the Restaurant Revitalization Fund »

How much can I get from the Restaurant Revitalization Fund?2021-05-06T20:38:51+00:00

You may receive an RRF grant up to $10 million total for all affiliated businesses ($5 million max per location). The minimum award is $1,000.

In general, your RRF award will equal the amount of revenue lost based on gross receipts (e.g., 2019 gross receipts minus 2020 gross receipts minus amounts from other COVID-19 financial relief programs). Alternative calculations are available for applicants that opened partially through 2019, began operations on or between January 1, 2020 and March 10, 2021, or have not yet opened but have incurred eligible expenses.

Refer to the RRF Program Guide for detailed information on how to calculate your award amount.

Source: SBA RRF website, “Funding Amount” section

Disclaimer: This information is provided as a self-help tool and does not constitute legal or financial advice. Laws and regulations change often, and decisions as to whether or how to use this information and/or what actions to take are solely those of the viewer. The providers of this information disclaim any and all responsibility and liability for its accuracy, completeness or fitness for your particular business purposes.

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