Restaurant Revitalization Fund Grant Update
The Small Business Administration recently announced that their goal is to begin accepting applications for the $28.6 billion Restaurant Revitalization Fund grants by the end of April, much sooner than originally expected for this program to launch.
According to Patrick Kelley, the associate administrator for the SBA’s Office of Capital Access, the SBA plans on releasing information about the qualifications, instructions and other information regarding the application process over the next 7 to 10 days. This includes what documentation will be required in order for restaurant owners to apply for a RRF Grant.
Once the grant program launches, the SBA will only accept applications from prioritized applicants during the first 21 days of the program as stated by the American Rescue Plan Act. This group of prioritized applicants includes restaurants owned and operated or controlled by women, veterans, and oppressed groups such as socially and economically disadvantaged individuals. After the 21 days is up, all other restaurant owners will be allowed to apply for their grant. There is currently $5 billion set aside for smaller, minority-owned restaurants that had $500,000 or less in 2019 gross receipts.
To learn more about the Restaurant Revitalization Fund, see our previous article on the grant program.