April 20, 2021
SBA Hot Topic Tuesday – SBA Prepares to Launch Restaurant Revitalization Fund
“We are starting the process to help restaurants and bars across the country devastated by the pandemic, and this is our message: Help is here. With the launch of the Restaurant Revitalization Fund, we’re prioritizing funding to the hardest-hit small businesses – irreplaceable gathering places in our neighborhoods and communities that need a lifeline now to get back on their feet,” says SBA Administrator Guzman. “And, thanks to clear directives from Congress, we’re rolling out this program to make sure that these businesses can meet payroll, purchase supplies, and get what they need in place to transition to today’s COVID-restricted marketplace.”
Ahead of the application launch and over the next two weeks, the SBA will establish a seven-day pilot period for the RRF application portal and conduct extensive outreach and training. The pilot period will be used to address technical issues ahead of the public launch. Participants in this pilot will be randomly selected from existing PPP borrowers in priority groups for RRF and will not receive funds until the application portal is officially open.
Following the pilot, the application portal will be opened to the public. However, the application launch date has not yet been announced. For the first 21 days that the program is open, the SBA will prioritize reviewing applications from small businesses owned by women, veterans, or socially and economically disadvantaged individuals. Following the 21-day period, the program will open to all eligible restaurant and foodservice entities.
The SBA intends to keep all interested parties informed leading up to the official launch. Small businesses that intend to apply are encouraged to begin collecting tax documents and documentation demonstrating gross receipts. They may also sign up for RRF email alerts on the SBA website.