Deadline Update: The Restaurant Revitalization Fund Closes On May 24th
The US Small Business Administration (SBA) announced that eligible eating establishments have until Monday, May 24, 8 p.m. ET, to submit applications to the Restaurant Revitalization Fund (RRF). The $28.6 billion program includes set asides to ensure the smallest of the small restaurants and other eating establishments have equitable access .
While all qualified restaurants may submit applications, because SBA still has potential set-aside funding available for eligible establishments with 2019 annual revenue of not more than $50,000, the agency indicated it will keep the application portal open until 5/24. Eligible establishments are encouraged to apply through SBA-recognized point-of-sale vendors or directly via the SBA online application portal.
As a reminder, RRF was launched by the SBA to provide restaurants and other eligible for-profit businesses 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.
Check out the Pace SBDC’s RRF resource page for more information on eligibility, needed documentation, grant calculations and related links, and Contact us with any questions about your RRF application and we will arrange a free 1-on-1 business consultation with our NYS-certified business advisor team.