According to a recent press release from the Small Business Administration (“SBA”), registration for the Restaurant Revitalization Fund (“RRF”) will begin on Friday, April 30, 2021, at 9:00 AM (Eastern Time).
The RRF will also begin accepting applications on Monday, May 3, 2021, at noon (Eastern Time).
As a reminder, although all applicants are free to apply on May 3rd, the SBA will be prioritizing applicants at least 51% owned and controlled by women, veterans, and/or socially and economically disadvantaged individuals (or any combination thereof) for the first 21 days of the program.
In advance of applying, the SBA recommends applicants familiarize themselves with the application process by completing the following steps:
- Register for an account at restaurants.sba.gov, however, applicants applying through a participating Point of Sale vendor (e.g., Square, Toast, Clover, NCR Corporation (Aloha)) do not need to register ahead of time.
- Review SBA guidance, the RRF Program Guide, and the sample Application.
- Gather all required documentation (see the RRF Program Guide for guidance).
- Attend a virtual training webinar hosted by the SBA (register soon, as limited dates are available at this time).
RIW will continue to provide updates relative to COVID-19 relief programs, including the Restaurant Relief Fund, and related legislation as additional guidance becomes available.
This summary is presented for informational and educational purposes only, does not constitute legal advice, nor create an attorney-client relationship. For a full understanding of the issues, please contact counsel of your choice.