IMPORTANT PROGRAM INFORMATION AND UPDATES FROM THE SBA AS OF APRIL 28, 2021
When Congress passed the $1.9 trillion American Rescue Plan Act (ARPA), it included a $28.6 billion relief package earmarked for grants to restaurants called the Restaurant Revitalization Fund (RRF). The American Rescue Plan Act became public law on March 11, 2021 and appropriated $28.6 billion for RRF, authorizing Small Business Association (SBA) to award funds. Appropriations remain available until expended, and funds must be used for eligible uses no later than March 11, 2023.
The Restaurant Revitalization Fund supplies tax-free federal grants to eligible restaurant businesses equal to their COVID-19 pandemic-related revenue losses. Fund grants do not need to be paid back. Unlike the Paycheck Protection Program (PPP), which was administered by lenders with the Small Business Administration (SBA) in the background, Fund will be administered directly by SBA. The U.S. Small Business Administration said applicants for the Restaurant Revitalization Grant program do not need to register for a Data Universal Numbering System, or DUNS number—the unique nine-digit identifier for businesses—or on SAM.gov, as initially required.
About the Application Period & Processing
Pilot Period: Pilot Period participants will be randomly selected from existing PPP borrowers who self identified as members of RRF priority groups. Pilot participants will not receive funds until RRF is open to the public at application launch.
Priority Period: Days 1-21 – During the initial 21-day Priority Period, SBA will accept applications from all eligible applicants. Only applications from small businesses owned by women, veterans, and socially and economically disadvantaged Applicants will be funded during this period.
Day 22: All eligible applications will be processed and funded until program funds are exhausted.
A small business concern that is at least 51 percent owned and the management and daily business operations of the applicant are controlled by one or more individuals who are, Women, Veterans or Socially and Economically Disadvantaged. Applicants must self-certify on the application that they meet eligibility
requirements. EXAMPLE: An applicant has five owners who each own 20 percent of the applicant. Two owners are veterans, and one owner is a socially and economically disadvantaged individual. SBA will consider this applicant to meet the requirement that at least 51 percent of the applicant is owned by a priority group.
Please find updated links and resources, including a sample application from the SBA listed below:
Overview of the RRF: Restaurant Revitalization Fund (RRF) – Restaurants Act
Frequently Asked Questions: faq_revitalization_grants.pdf (restaurant.org)
Sample Application: SBA Form 3172 Restaurant Revitalization Funding Application (Sample only)
SBA Webinar Presentation Slides: Microsoft PowerPoint – RRF Overview Deck FINAL 4.27-508 (002) – Read-Only (akamaized.net)
Eligible businesses are encouraged work with their accountant to prepare the applications, gather required documentation, and to submit applications on May 3rd, or as soon as possible after the program opens.
Please contact Chris Hahn, Spring Valley EDA Director with any question at 612-327-9729 or email director@SpringValleyEDA.org