With the recent details announced regarding the application requirements and eligibility guidelines for the Restaurant Revitalization Fund (RRF); our chamber will once again partner with US Small Business Administration to present a webinar to assist local business needs.
Information that was presented during the April 27 webinar featuring Sheryl Paynter, Lead Lender and Economic Development Specialist from the New Jersey District Office of the SBA is shared below. The 45 minute presentation of The American Rescue Plan Act’s Restaurant Revitalization Fund process provided funding to help restaurants and other eligible businesses keep their doors open. This fund is open to restaurants, food trucks, food stands, caterers, bars, taverns, snack bars, bakeries, brewpubs, wineries, distilleries, as well as inns that serve food and beverage.
SBA will begin registrations on Friday, April 30, 2021, at 9 a.m.
and open applications on Monday, May 3, 2021, at 12 noon.
The online application will remain open to any eligible establishment until all funds are exhausted.
SBA recommends qualifying applicants prepare by:
- Registering for an account at https://restaurants.sba.gov/ starting on Friday at 9am ET
- Reviewing the official guidance, including program guide, frequently asked questions, and application sample: https://www.sba.gov/restaurants
- Preparing the required documentation: https://www.sba.gov/restaurants
- Working with a SBA-recognized point-of-sale (POS) vendor or visiting restaurants.sba.gov to submit an application when the application portal opens. [Note: If an applicant is working with a point-of-sale vendor, they do not need to register beforehand on the site. Participating POS vendors include Square, Toast, Clover, NCR Corporation (Aloha)]
For the first 21 days that the program is open, SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. All eligible applicants are encouraged to submit applications as soon as the portal opens. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis. Applicants are also encouraged to review the SBA program cross-eligibility charts for a summary of the criteria to meet when considering different funding options from SBA (PPP, EIDL, Shuttered Venues, etc): https://www.sba.gov/funding-programs/loans/covid-19-relief-options/cross-program-eligibility-sba-covid-19-relief-options
For detailed information about application: Restaurant Revitalization Funding Program Guide