LUTZ BUSINESS INSIGHTS
Restaurant Revitalization Fund (RRF) + Application Opening Announced
On April 27, 2021, the U.S. Small Business Administration announced that registration for the $28.6 billion Restaurant Revitalization Fund will begin on Friday, April 30, 2021, at 9 am ET, with applications being accepted on Monday, May 3, 2021, at noon ET. The online application will remain open to any eligible establishment until all funds are exhausted. Register here or through an SBA Point-of-Sale Restaurant Partner (currently Square or Toast customers with more to be announced soon by the SBA).
The SBA recommends applicants review program information and documentation requirements in anticipation of the fund’s opening. The documentation that will be required includes 2020 and 2019 tax returns or income statements (externally or internally prepared) and three months of bank statements for the applicant’s operating account. A comprehensive overview of the program can be viewed here.
On Tuesday, April 27, the SBA hosted a virtual training webinar to walk through the registration and application process. The following are some important takeaways:
- It is anticipated that the RRF portal will take 25 minutes to complete; with much shorter durations expected for applicants who have prepared in advance
- The SBA will be uploading screenshots of its portal for applicants to prepare
- Two-factor authentication will be required to complete the application (cell phone will be needed)
- PPP1 and PPP2 loan amounts will automatically be populated into the portal based on the applicant’s EIN
- Applicants can automatically link their bank account information with their bank’s website login, with the option to input manually
- If an applicant elects to manually input bank account and routing number or provides internal/external income statements as opposed to tax returns, there will likely be a delay in processing the funds
- Certain eligible entities (bakeries, brewpubs, inns) must demonstrate that at least 33% of 2019 gross receipts were comprised of on-site sales
The SBA will hold a second virtual training webinar on Wednesday, April 28. Click here to register for this event. A recorded copy of the presentation will be uploaded to the SBA’s YouTube Page. To learn more about the RRF, please contact your Lutz representative.
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