I previously wrote about how the American Rescue Plan Act of 2021 (“ARPA”) created a $28.6 billion dollar Restaurant Revitalization Fund to help struggling food and beverage businesses. While the fund was created in March, the Small Business Administration, the federal agency that administers the fund, has not awarded any money yet.
START YOUR APPLICATION
Last week, F&B businesses collectively cheered the SBA’s announcement that it would begin accepting applications from eligible entities. I’ve included a link to a sample SBA application. Also, on April 20, 2021, the SBA published a program guide with criteria for how the SBA will award RRF funds.
SBA will prioritize awarding funds to small businesses that are at least 51 percent owned and controlled by individuals who are women, veterans, and/or socially and economically disadvantaged individuals. Applicants will be expected to self-certify on their application that they meet eligibility requirements for priority funding.
HOW MUCH MONEY?
SBA may provide funding of up to $5M per location (not to exceed $10M total for the applicant and any affiliated businesses). The minimum award will be $1,000. Applications for less than $1,000 will not be accepted.
Awardees will NOT be required to repay RRF grant money unless (i) the funds are used for non-authorized purposes, (ii) the funds are not used by March 11, 2023, or (iii) the awardee permanently closes before using all RRF grant funds.