What is the Restaurant Revitalization Fund?
According to the SBA:
The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
This program could provide some much-needed assistance to restaurants still in recovery from the pandemic. This document provides some information to help you get some of this grant money as soon as it is available.
The program will distribute 28.6 billion dollars on a first-come first-served basis, so it is important to move quickly.
For more information see the official website at https://sba.gov/
The BPA Restaurant Revitalization Assistant Software
To help you generate your reports and prepare to apply, we have created a simple application which you can download here:
BPA RRF Assistant Download
This simple application will calculate revenue process in BPA and allow you to enter other relevant information such as PPP loans and additional revenue. It will calculate the estimated grant you will qualify for and prepare a pdf report to upload during the application process.
Instructions are available here.
Timeline for Application
- Now – Review the program details and make sure you understand requirements to qualify for a grant and how the grant funds must be used.
- Now – Review the application process and required documents. Make sure you have all the required documents in PDF form ready to upload when the applications open.
- Friday, April 30, 2021, at 9 a.m. EDT – Registration opens on the application web site, Click Here. Make sure to register before applications open the following Monday morning.
- Monday, May 3, 2021, at noon EDT – The portal will accept applications from all eligible applicants.
For the first 21 days, applications will only be processed and funded from the priority group consisting of small businesses owned by women, veterans, or socially and economically disadvantaged individuals. Even if you aren’t in this priority group, submit your application as soon as possible to secure your place in line.
You will need to be prepared to submit the required documentation with your application. Make sure you have all the required documents available in PDF form ready to upload when the application portal opens on the morning of Monday, May 3, 2021. The documentation requirements will change based on how long you have been in business.
Generally you will need to provide:
- 2019 Tax Returns
- Documentation of 2020 Revenue. This could be from your 2020 Tax Returns or from a Restaurant Revitalization Statement provided by BPA. You may also need documentation for other revenue not processed through the POS system, such as a 1099-K, etc.
- 3 months bank statements. These will be used to verify your business, so this should be from your primary operating account.
Documentation on the SBA site also indicates you will need your application and IRS form 4506-T. However, because the application will be submitted electronically via the application portal, both of these forms will be filed electronically during the application process and you do not need to fill them out in advance.
Note - when you register you will need to provide either your SSN or business EIN. If you use the same ID you used to apply for your PPP loans, the application will be easier because the PPP info will automatically pull in.
View the Webinar
The SBA has hosted several webinars reviewing the application process. A recording of this webinar is available on their YouTube channel. At this time there is one more webinar scheduled for Friday, April 30th. Register here:
SBA Restaurant Revitalization Fund Webinar on Eventbrite
You can also check the SBA YouTube channel at https://www.youtube.com/c/sbagov