SBA readies Restaurant Revitalization Fund for launch, info now online

The U.S. Small Business Administration has launched the Restaurant Revitalization Fund online landing page, where business owners can learn about the program details, who can apply, when and how to apply and information on funding amounts and allowable uses for funds.

“The Restaurant Revitalization Fund is here to help the hardest-hit and the smallest of businesses, not only restaurants but bakeries, caterers, food trucks and breweries,” said SBA Utah District Director Marla Trollan. “We understand that our restaurants are struggling to survive and need this relief to stay open and recover from the pandemic. The SBA is working hard to make sure the RRF program is as streamlined as possible and not burdensome to our business owners.”

The restaurant industry has been among the hardest-hit sectors during the economic downturn caused by the COVID-19 pandemic. To help bring jobs back and revive the industry, the American Rescue Plan established the $28.6 billion Restaurant Revitalization Fund at the U.S. Small Business Administration. The SBA will administer the funds to the hardest-hit small restaurants.

“Today, we are starting the process to help restaurants and bars across the country devastated by the pandemic and this is our message: ‘Help is here.’ With the launch of the Restaurant Revitalization Fund, we’re prioritizing funding to the hardest-hit small businesses — irreplaceable gathering places in our neighborhoods and communities that need a lifeline now to get back on their feet,” said SBA Administrator Isabella Casillas Guzman. “And, thanks to clear directives from Congress, we’re rolling out this program to make sure that these businesses can meet payroll, purchase supplies, and get what they need in place to transition to today’s COVID-restricted marketplace.”

Ahead of the application launch, the SBA will establish a seven-day pilot period for the RRF application portal and conduct extensive outreach and training. The pilot period will be used to address technical issues ahead of the public launch. 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. The official application launch date will be announced at a later date. 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.

“Local restaurants and bars are being served very good news today,” said Erika Polmar, executive director of the Independent Restaurant Coalition. “These guidelines were crafted by the SBA after conversations with independent restaurant and bar operators across the country. We are grateful to the SBA for their hard work to make this process as accessible as possible in a short period of time.”