SBA Announces May 3 Opening Date for Restaurant Revitalization Fund (RRF) Applications
On April 27, 2021, the U.S. Small Business Administration (SBA) announced via press release that it would begin accepting applications for its $28.6 billion Restaurant Revitalization Fund (RRF) grant program at 12:00pm EDT on Monday, May 3, 2021. SBA also communicated that prospective RRF grant recipients would be able to register to use the application portal beginning at 9:00am EDT on Friday, April 30, 2021.
Miller Johnson previously covered SBA’s initial rollout of information regarding the RRF grant program here.
In its April 27 announcement, SBA reaffirmed some key information relating to the RRF grant application process, including the following:
- For the first 21 days that the RRF application process is open, SBA will prioritize funding applicants owned and controlled by women, veterans and socially and economically disadvantaged individuals.
- However, in its press release as well as a public webinar about the program launch, SBA encouraged all eligible RRF applicants to apply as soon as the application portal opens.
- Following the initial 21-day priority funding period, all eligible RRF applications will be funded on a first-come, first-served basis based on their original application submission time and date.
- In other words, especially in light of the limited program funding, all eligible applicants should plan to apply as soon as possible following the opening of the application process on May 3, even if they do not qualify for priority funding during the initial 21-day window.
- The RRF program includes $9.5 billion in so-called “set-asides”:
- $500 million for applicants with 2019 gross receipts up to $50,000
- $5.0 billion for applicants with 2019 gross receipts up to $500,000
- $4.0 billion for applicants with 2019 gross receipts between $500,000 – $1,500,000
- For additional information (including a user guide for applicants using SBA’s portal), potential applicants should visit sba.gov/restaurants (or in Spanish at www.sba.gov/restaurantes) and visit SBA’s YouTube channel for video tutorials.
- Alternatively, prospective RRF grant recipients may – but are not required to – apply for funding through certain SBA point-of-sale (POS) system partners. Applicants opting for this approach should work directly with their POS partner to apply for their grant, rather than using SBA’s application portal.
Miller Johnson’s COVID-19 team will discuss the RRF during its regularly scheduled Monday morning “round-up” of key COVID-related developments at 8:00am on Monday, May 3. Please join us by registering here.
Miller Johnson will continue to track key developments relating to the RRF and other SBA funding programs. Please feel free to reach out to Erik Daly or any other Miller Johnson contact if you have questions concerning the RRF or other COVID-19-related legal developments. Thank you.