Restaurant Revitalization Fund to Open Monday, May 3, 2021

Downs Rachlin Martin PLLC
Contact

Downs Rachlin Martin PLLC

Registration for Application Portal to Begin Friday, April 30, 2021

The Small Business Administration (SBA) has announced that registration for the SBA application portal for Restaurant Revitalization Fund (RRF) grants will begin on Friday, April 30, 2021, at 9 am ET and that the application period will officially open on Monday, May 3, 2021, at noon ET.

As noted in our previous blog posts on March 30, 2021 and April 1, 2021, the RRF, administered by SBA, was established by American Rescue Plan and will provide funding to help restaurants and other businesses that engage in significant in-person service of food and beverages, including certain breweries and brewpubs, that have been severely impacted by the COVID-19 pandemic. This RRF program will provide grant funding equal to their pandemic-related revenue loss up to certain limitations. Recipients will not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.

The SBA has been releasing details of the application program it is establishing as that program takes form. We already knew that the SBA intends to use an online application portal for applications. In addition, the SBA recently released the application form it intends to use.

Now, we also know that registration for the SBA application portal will begin on Friday, April 30, 2021, at 9 am ET and that applications will open on Monday, May 3, 2021, at noon ET. See the SBA website.

While all eligible applicants can file applications on Day 1, processing of applications during Days 1 through 21 of the application period will be limited to “priority applicants,” defined as a small business concern that is at least 51 percent owned by one or more individuals who are women, veterans, or who are socially and economically disadvantaged. Applicants must self-certify on the application that they meet eligibility requirements. “Socially disadvantaged” individuals are those who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities. “Economically disadvantaged” individuals are those socially disadvantaged individuals whose ability to compete in the free enterprise system has been impaired due to diminished capital and credit opportunities as compared to others in the same business area who are not socially disadvantaged.

On day 22 of the application period, the SBA will begin to process applications from all eligible applicants and process applications in the order in which they are approved by SBA, until the $28.6 billion RRF has been exhausted.

We encourage all eligible applicants to file their applications as soon as possible when the portal opens, so they are in the queue when processing is available for a broader range of applicants.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Downs Rachlin Martin PLLC | Attorney Advertising

Written by:

Downs Rachlin Martin PLLC
Contact
more
less

Downs Rachlin Martin PLLC on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.