Restaurant Revitalization Fund is OpenMay 6, 2021
The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding for restaurants and other eligible food and alcohol industry businesses, such as caterers or bars. Even though the law was passed by Congress along party lines, the efforts for restaurant rescue have bipartisan support. The program provides restaurants with funding equal to their pandemic-related revenue loss, up to $10 million per business and $5 million per physical location. As long as the funds are used for eligible expenses no later than March 11, 2023, recipients are not required to repay the funding.
The first 21 days of the program will give priority to businesses owned by women, veterans, and socially and economically disadvantaged individuals.
Application guidance, eligibility, and program details can be found on SBA’s dedicated website.
Applications opened on Monday, May 3, 2021, at noon ET. You can register here.