SBA Restaurant Background.jpg
Restaurant Revitalization Fund
 

The Restaurant Revitalization Fund (RRF) (or click here for program guide in Spanish) was launched by the SBA to help restaurants and other eligible for-profit businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $5 million per location, not to exceed $10 million total for the applicant and any affiliated businesses. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.

Program Basics

The Application Process

The RRF application opened on Monday May 3rd at noon EST, and businesses are able to access the RRF application or data they need to fill out the application through SBA-recognized Point of Sale Restaurant Partners Clover, NCR Corporation, Square, and Toast or directly through the SBA at restaurants.sba.govThe SBA added that if an applicant is working with a point-of-sale vendor, they do not need to register on the site; and recommended that business owners get started immediately by compiling needed information and materials.

Check out the RRF Application Portal Screenshots as well as the RRF FAQ regarding program specifics.

Calculating The Grant Amount

Funding awards will be calculated based on three categories of applicants:

  • For applicants in operation prior to or on January 1, 2019, award is calculated as 2019 gross receipts minus 2020 gross receipts minus PPP loan amounts

  • For applicants that began operations partially through 2019, award is calculated as (Average 2019 monthly gross receipts x 12) minus 2020 gross receipts minus PPP loan amounts

  • For applicants that began operations on or between January 1, 2020 and March 10, 2021 and applicants not yet opened but have incurred eligible expenses, award is calculated as amount spent on eligible expenses between February 15, 2020 and March 11,2021 minus 2020 gross receipts minus PPP loan amount

 

Entities who began operations partially through 2019 may elect to use either calculation 2 or calculation 3. Keep in mind that gross receipts do not include:

  • Amounts received from Paycheck Protection Program (PPP) loans (First Draw or Second Draw)

  • Amounts received from Economic Injury Disaster Loans (EIDL)

  • Advances on EIDL (EIDL Advance and Targeted EIDL Advance)

  • State and local grants (via CARES Act or otherwise)

  • SBA Section 1112 payment

Cross Program Eligibility and Prioritizing Small Businesses

Check out the SBA’s Cross-Program Eligibility Guide for further detail on how funding support from other programs impact award calculation. 

To ensure that the smallest businesses and those in under-served communities receive funding awards, SBA has set-aside a minimum of $9.5 billion for smaller businesses. Further, SBA will prioritize awarding funds to small businesses at least 51 percent owned and controlled by individuals who are women, veterans, and/or socially and economically disadvantaged individuals.

Informational Webinar

For some additional guidance and information, we recommend you check out the RRF webinar led by our colleagues at the Albany SBDC. 

We know navigating different COVID-19 relief programs can be challenging. The Pace University SBDC is here to help. Contact us to schedule a no-cost, one-on-one business counseling session.

IN PARTNERSHIP WITH:
VISIT US

Pace University SBDC

163 William Street, Room 328

New York, NY, 10038   

CONTACT

Office:  (212) 618-6655

Email:  sbdc@pace.edu

  • Facebook Social Icon
  • Twitter Social Icon
  • Instagram Social Icon
  • LinkedIn Social Icon
SUBWAY

A, C, J, Z, 2, 3, 45 to Fulton St

E to World Trade Center
6 to Brooklyn Bridge

CAREERS

Partnership Program with the SBA, administered by the State University of New York. Funded in part through a Cooperative Agreement with the U.S. Small Business Administration.  All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. All SBA funded programs are extended to the public on a nondiscriminatory basis.

© 2021 Pace Small Business Development Center. All rights reserved.