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.
>>> The SBA will begin accepting Restaurant Revitalization Fund registrations on Friday at 7am MT and open applications on Monday, May 3 at 10am MT.
The online application will remain open to any eligible establishment until all funds are exhausted.
SBA recommends qualifying applicants prepare by:
1. Registering for an account at restaurants.sba.gov starting on Friday at 9am ET
2. Reviewing the official guidance, including program guide, frequently asked questions, and application sample: https://www.sba.gov/restaurants
3. Preparing the required documentation: https://www.sba.gov/restaurants
4. Working with a point-of-sale vendor or visiting restaurants.sba.gov to submit an application when the application portal opens. [Note: If an applicant is working with a point-of-sale vendor, they do not need to register beforehand on the site.]
5. Attend a free SBA Webinar to learn more about the program.
>>> For the first 21 days that the program is open, SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. All eligible applicants are encouraged to submit applications as soon as the portal opens. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.
Learn more about the Restaurant Revitalization Fund: https://www.sba.gov/restaurants
Eligible entities who have experienced pandemic-related revenue loss include:
- Restaurants
- Food stands, food trucks, food carts
- Caterers
- Bars, saloons, lounges, taverns
- Snack and nonalcoholic beverage bars
- Bakeries (onsite sales to the public comprise at least 33% of gross receipts)
- Brewpubs, tasting rooms, taprooms (onsite sales to the public comprise at least 33% of gross receipts)
- Breweries and/or microbreweries (onsite sales to the public comprise at least 33% of gross receipts)
- Wineries and distilleries (onsite sales to the public comprise at least 33% of gross receipts)
- Inns (onsite sales of food and beverage to the public comprise at least 33% of gross receipts)
- Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products
Eligible costs under the program are:
1. Business payroll costs
2. Payments on any business mortgage obligation
3. Business rent payments, including rent under a lease agreement
4. Business debt service
5. Business utility payments
6. Business maintenance expenses including maintenance on walls, floors, deck surfaces, furniture, fixtures, and equipment;
7. Construction of outdoor seating;
8. Business supplies, including protective equipment and cleaning materials;
9. Business food and beverage expenses, including raw materials for beer, wine, or spirits;
10. Covered supplier costs, which is an expenditure made by the eligible entity to a supplier of goods for the supply of goods that: • Are essential to the operations of the entity at the time at which the expenditure is made; and • Is made pursuant to a contract, order, or purchase order in effect at any time before the receipt of Restaurant Revitalization funds; or with respect to perishable goods, a contract, order, or purchase order in effect before or at any time during the Covered Period
Local Resources for more assistance:
Women’s Business Center of Utah
Salt Lake Small Business Development Center
Need more help? Salt Lake City’s Department of Economic Development’s team is here to help connect you with the resources to take advantage of this opportunity. Reach out to ed@slcgov.com