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Restaurants have been one of the most impacted industries during the pandemic. The government has now established the Restaurant Revitalization Fund to help. Below is information from the SBA web site. Tips to help:
• Portal opens April 30 so you can get details and start preparing your application
• Applications may be filed beginning Monday, May 3. Be sure your have a complete application. If your application is not complete, you will receive information to supply more, but this puts you in the back of the line!
• The equation is pretty simple:
• 2019 sales
• Minus 2020 sales
• Minus all PPP funding
• Some of you have asked if your 2020 sales were higher are you eligible. No you aren’t.
If you need help, go to Find a Mentor | SCORE, fill out the short request and we will get back with you.
Registration for the Restaurant Revitalization Fund (RRF) will begin Friday, April 30 at 9 a.m. EDT and SBA will begin accepting applications via the application portal on Monday, May 3 at 12 p.m. EDT. The application portal will remain open to any eligible establishment until all funds are exhausted.
For more information, read the press release here.
How to prepare.
In preparation, qualifying applicants should familiarize themselves with the application process in advance to ensure a smooth and efficient application. Follow the steps below.
• Register for an account in advance at restaurants.sba.gov starting Friday, April 30 at 9 a.m. EDT. If you are working with Square or Toast, you do not need to register beforehand on the application portal.
• Review the sample application, program guide and cross-program eligibility chart on SBA COVID-19 relief options.
• Attend one of the webinar trainings listed below. These will be recorded and later posted on SBA's YouTube channel. We will share the recording links via email and on SBA's social media channels.
• For more information, visit sba.gov/restaurants.