Apr 19 Restaurant Revitalization Fund (RRF) Must Know Topics
The Restaurant Revitalization Fund is a critical and exciting opportunity for the restaurant industry. While it’s another helpful program, it also requires attention to detail. Below are the topics you need to focus on to take advantage of this program:
- Get the Details and Understand the Program
- If you haven’t already done so, consult an expert or read through the program thoroughly to fully understand what to expect and how best to position your restaurant. Topics you should focus on are eligibility, funding amount, allowable use of funds, etc. Here is the link for full details.
- Preparation is Key
- Even though the SBA hasn’t started accepting applications for the RRF, you should still take this time to prepare as if the application window was open. Review documents like the sample application, program guide, and cross-program eligibility chart to fully understand the relief options. Soon you will be able to apply through SBA-recognized Point of Sale Restaurant Partners or directly via SBA in a forthcoming online application portal. Registration with SAM.gov is not required. DUNS or CAGE identifiers are also not required. Click Here to prepare for the application process.
- When can you apply?
- The official application launch date will be announced shortly. 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 on how to apply, application requirements and where to apply. 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 open to the public. Following the pilot, the application portal will be opened to the public. For the first 21 days that the program is open, the SBA will prioritize reviewing applications from small businesses owned by women, veterans, and socially and economically disadvantaged individuals. Following the 21-day period, all eligible applicants are encouraged to submit applications.
Sax is always available to assist throughout this process and lend our expertise to ensure you and your business have everything needed to best position yourself for relief. Should you need our guidance, please email your Sax Advisor or [email protected]