The SBA has posted program details on the Restaurant Revitalization Fund (RRF). While the date of accepting applications has not been released yet, SBA provides a sample application for applicants to review and prepare. Here are some highlights of the program:
Application and application period:
- SBA is not requiring registration with SAM.gov, nor is a DUNS or CAGE identifier required, as previously thought.
- The first 21 days of the opening of the application period is reserved for “priority groups”. These are businesses with one or more individuals owing 51 or more percent who are women, veterans, or socially and economically disadvantaged.
- After the priority group period, SBA will accept all eligible applications and process them in the order in which they are approved by SBA and until the funds are exhausted.
Eligibility and funding amount:
- SBA has provided a calculation depending on when applicants were in operation.
- SBA developed a cross-program eligibility chart for applicants for eligibility if they have received other SBA COVID-19 relief effort funding.
- Applicants who received PPP funds (from either first or second rounds) will need to deduct their PPP loan amount.
- Applicants cannot apply/receive funding from both the Shuttered Venue Operators Grant recipient program and the RRF program.
- The maximum funding is up to $5 million per location and not to exceed $10 million total for the applicant and any affiliated businesses.
- Businesses who are permanently closed, have filed Chapter 7 bankruptcy, or filed Chapter 11, 12, or 13 bankruptcy but is not operating under an approved plan of reorganization, are not eligible.
Forgiveness:
- No payback is required as long as funds are used for eligible expenses by March 11, 2023.
Here are SBA’s resources for the RRF program:
RRF Program Details
RRF Program Guide
RRF Sample Application (SBA Form 3172)
Cross-program Eligibility Chart
