The $28.6 billion RRF was established by the federal government’s American Rescue Plan to help restaurants, bars, cafés, bake shops, brew pubs, wineries, food trucks and other related food businesses recover from revenue loss due to the COVID-19 pandemic.
The SBA is expected to begin accepting applications through its online portal by the end of April. Applications from socially and economically disadvantaged individuals, women, and veterans will be processed in the 21 day priority period right after opening, and the funds are expected to go quickly, according to a news release.
Once a business receives its funding, the grant must be used for eligible uses no later than March 11, 2023. Eligible uses range from payroll expenses to construction of outdoor seating.
Last week, the SBA announced key details on application requirements, eligibility, and a program guide on the RRF.
“With the launch of the Restaurant Revitalization Fund, we’re prioritizing funding to the hardest-hit small businesses – irreplaceable gathering places in our neighborhoods and communities that need a lifeline now to get back on their feet,” said Isabella Casillas Guzman, SBA Administrator. “And, thanks to clear directives from Congress, we’re rolling out this program to make sure that these businesses can meet payroll, purchase supplies, and get what they need in place to transition to today’s COVID-restricted marketplace.”