Restaurant Revitalization Fund Application: Register and Apply Soon!
Starting May 3, the Small Business Administration (SBA) will begin accepting applications for the Restaurant Revitalization Fund (RRF). The American Rescue Plan Act established the RRF to provide funding to help restaurants and other eligible businesses impacted by the ongoing COVID-19 pandemic keep their doors open.
The RRF portal will open Friday, April 30, at 9 a.m. EDT for applicants to register.
Only registered applicants will be able to submit a RRF application when the application portal opens on Monday, May 3, at noon EDT. All eligible applicants are encouraged to access the SBA site to register and establish login credentials as soon as possible.
Applicants can apply for RRF grants directly through the SBA portal, or through SBA-recognized Point of Sale (POS) vendors. Participating POS providers include Square, Toast, Clover and NCR Corporation (Aloha). Applicants working with Square or Toast do not need to register in advance.
Eligible entities are encouraged to prepare documentation in advance by obtaining and documenting the following items:
- RRF sample application (Form 3172)
- Most recent three months of operating bank account statements
- Operating account routing and account number
- 2019 tax return
- 2020 tax return (if available)
- POS reports
- Internal/external financial statements
- Applicants must identify the eligible signor for their application. Only an owner authorized by the business to sign on behalf of the business may sign the RRF application. Signor identification validation questions are part of the SBA application portal to ensure authentication.
- The entity EIN entered at the onset of the application will allow the application to auto-populate PPP loan information.
- PDF documents will be uploaded to the SBA portal. PDF file size is limited to 35MB.
- Advance preparation will allow you to complete the online application as expediently and efficiently as possible.
RRF provides restaurants with funding equal to their pandemic-related revenue loss, allocating 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.
For more information and to prepare your application, please visit www.sba.gov/restaurants (en Español: www.sba.gov/restaurantes). For a list of FAQs regarding program specifics, applicants can access the SBA RRF Knowledge Base.
If you have additional questions or need assistance as you navigate the application process, please contact Jen Vacha, Partner, Tax Services, at 636.754.0230 or email@example.com.