What is The Restaurant Revitalization Fund?
The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
When Can Restaurants Apply for an RRF Grant?
The SBA has announced that the online portal to apply for a Restaurant Revitalization Fund (RRF) grant will begin accepting applications on Monday, May 3rd, 2021 @ 12:00 PM EST.
Applicants must create an account well before Monday, May 3rd when the online portal opens on the SBA website. The availability to create an account will be open Friday, April 30th, 2021 @ 9:00 AM EST and must be done prior to applying for an RRF grant. It is not advisable to do this Monday morning.
Applicants should be ready Monday morning May 3rd to apply as soon as the portal is available at 12:00 PM EST. The order in which your application is completed determines your place in line to receive an RRF grant.
How Do Restaurants Apply for an RRF Grant?
The SBA has a great website with a sample application, RRF knowledge base support documentation (FAQs), and recorded webinars that will provide a preview of the SBA online application process that opens up Monday, May 3rd @ 9:00 AM EST.
The sample application will not be filed with the SBA but it provides the questions that will be asked on the application and allows each borrower to be prepared when the online portal opens.
Restaurateurs that use Toast and Square POS can apply directly through those providers and do not need to register on the SBA’s portal.
Registration with SAM.gov, and creating a DUNS or CAGE identifier is not required to apply for an RRF grant.
What Documents Do Restaurant Owners Need For A Grant Application?
On Monday, May 3rd, 2021 @ 12:00 PM EST you will need the following documentation to successfully register for an RRF grant:
- 2019 tax return to calculate 2019 gross receipts/Clover & Aloha users can obtain an authorized report to substantiate 2019 gross receipts
- 2020 tax return, 2020 POS sales report, or 2020 financial statements to calculate 2020 gross receipts
- Most recent three months of bank statements
FOR RASI CLIENTS:
RASI recommends utilizing the following POS Sales Report from Report Card: Sales Summary for Gross Receipts. If you need assistance pulling this report, please reach out directly to your Client Advisor.
How Are Eligible Funds Calculated For An RRF Grant?
The SBA will prepopulate your PPP loan amounts, both 1st Draw and 2nd Draw, to calculate the amount of the eligible RRF grant.
Who Is Authorized To Complete the RRF Grant Application?
The individual completing the RRF grant application form and attesting to the accuracy of the information entered should be an individual that is authorized to sign a tax return for the business; the owner of a sole proprietorship or the President of an S-Corp or C-Corp for example. The SBA will verify that the individual signing the RRF grant application is authorized to do so.
When completing the RRF grant application the following information will need to be provide to the SBA:
- FEIN of the business or Social Security number of a sole proprietor
- The business type; sole proprietor, C-Corp, S-Corp, or partnership
- Bank account and routing number
- The calculation used to calculate the RRF grant amount
Additional RRF Grant Application Resources & Tips:
SBA RRF hotline is open Monday through Friday 8:00 AM EST through 8:00 PM EST – phone number is 1-844-279-8898.
When completing the RRF grant application it is a good practice to use a modern browser like Chrome and look for tool tips on each field and there is a great Help Resource in the lower right-hand corner of the online RRF grant application.