LUTZ BUSINESS INSIGHTS
Update + Restaurant Revitalization Fund
The US Small Business Association (SBA) recently updated its website to provide additional details on the Restaurant Revitalization Fund (RRF). The American Rescue Plan Act established the RRF to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
The specifics of the program did not change, with the grant amounts being equal to the decrease in 2020 gross receipts vs. 2019 gross receipts, less PPP1 and PPP2 loan amounts. The same list of eligible entities and qualifying expense categories are applicable, with the first 21 days of grant disbursements set aside for certain priority groups (owned at least 51% by women, veterans, or socially and economically disadvantaged individuals).
The SBA did provide clarity that applicants will not need to register with SAM.gov or obtain a DUNS or CAGE identifier. Additionally, it was clarified that all applicants can apply on the first day of the SBA’s portal opening to begin the process, even if the applicant does not fit the criteria of a priority group.
Applicants will be able to apply through SBA-recognized Point of Sale Restaurant Partners or directly via SBA in a forthcoming online application portal. To aid in the preparation of applying, a sample Form 3172 Restaurant Revitalization Funding Application was released. On April 27, 2021, Administrator Isabella Casillas Guzman announced the SBA will begin registrations on Friday, April 30, 2021, at 9 a.m. EDT and open applications on Monday, May 3, 2021, at noon EDT for the RRF.
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