These new grants will soon be made available to restaurants and bars.
The Restaurant Revitalization Fund (RRF) is open for applications as of Monday, May 3 at 12:00 pm EDT. Business owners may apply online at restaurants.sba.gov.
NFIB’s free webinar on the RRF with guest speakers from the U.S. Small Business Administration (SBA) is available to watch here.
The SBA Restaurant Revitalization Fund
The RRF is a $28.6 billion grant program to provide relief to restaurants that have struggled during the global pandemic. It was created as part of the American Rescue Plan Act signed into law in March. It is designed to be used for the operating expenses required to run a restaurant. The RRF will cover expenses from February 15, 2020 onward, and the funds can be used on operating expenses through March 2023.
Apply As Soon As Possible
The application window for RRF grants opened on Monday, May 3 at 12:00 pm EDT. The online application will remain open to any eligible establishment until all funds are exhausted. While the RRF contains $28.6 billion, this is not expected to come close to covering the amount needed by restaurants during these unprecedented times. For eligible businesses, there is no time to delay in submitting your application. Patrick Kelley, associate administrator for the SBA‘s Office of Capital Access, discussed this in a recent town hall with the Independent Restaurant Coalition. While the RRF contains $28.6 billion, this is not expected to come close to covering the amount needed by restaurants during these unprecedented times. For the best chances of getting a grant, it is highly recommended to apply as soon as possible.
How much are the grants for?
A minimum of $1,000 per applicant, with a maximum of $10,000,000.
Who is eligible for grants?
- Restaurants, food stands, food trucks, food carts, caterers, bars, saloons, lounges, or taverns.
- Licensed facility or premise of a beverage alcohol producer where the public may taste, sample, or purchase products.
- Other similar place of business in which the public or patrons assemble for the primary purpose of being served food or drink.
- Snack and non–alcoholic beverage bars.
- Brewpubs, tasting rooms, taprooms, inns, bakeries, breweries and/or microbreweries, wineries, or distilleries (eligibility requires on–site sales to the public to comprise at least 33% of gross receipts.)
Businesses cannot be permanently closed, or in bankruptcy, but can be temporarily closed.
The SBA’s sample application includes a chart that will allow restaurants to calculate the amount of their grant eligibility, though these calculations could change.
NFIB has created an FAQ on the RRF that you can read here. The National Restaurant Association has also created an FAQ based on their work with the SBA that will likely be updated once the program begins. More information from the SBA is available at sba.gov/restaurants.