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Restaurant Revitalization Fund

Restaurant Revitalization Fund (RRF)


On Tuesday, April 27, SBA Administrator Isabella Casillas Guzman announced that the U.S. Small Business Administration will begin registrations on Friday, April 30, 2021, at 9 a.m. EDT and will open to application submissions on Monday, May 3, 2021, at noon EDT for the Restaurant Revitalization Fund (RRF). This program is being administered directly by the U.S. SBA and not Cathay Bank.

To prepare, applicants should do the following:

Please note for the first 21 days that the program is open, the SBA will prioritize funding applications from businesses owned by women, veterans and social and economically disadvantaged individuals. However, all eligible applicants are still encouraged to submit their applications as soon as the portal opens. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.

Established under the American Rescue Plan, the Restaurant Revitalization Fund provides a total $28.6 billion in direct relief funds to restaurants and other hard-hit food establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic. This program will provide funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location.

 

Below are some key components of the new program:

Eligible entities are businesses that are not permanently closed and include businesses where the public or patrons assemble for the primary purpose of being served food and drink.

Non-eligible businesses including those that:

SBA may provide funding up to $5 million per location not to exceed $10 million total for the applicant and any affiliated businesses. Minimum reward is $1,000.

Franchise business are eligible as long as the franchise is listed on the SBA Franchise Directory.

Paycheck Protection Program (PPP):

Eligible use of funds includes the following:

Funds must be spent on eligible uses no later than March 11, 2023.

 

Please access the link below to learn the basics of the Restaurant Revitalization Fund and how to apply.





Cathay Bank

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