Restaurant Revitalization Fund(RFF)
The US Small Business Administration (SBA) provides fund though the Restaurant Revitalization Fund(RFF) to restaurants, bars, and other places of business that serve food or drink who suffered revenue losses related to the COVID-19. It is about $28.6 billion for SBA to award funds and SBA will prioritize awarding funds to the small business owners who women, veterans and socially economically disadvantaged individuals.
The funding amount would be the decreased revenue of 2020 from 2019 and subtract the PPP you already received. The fund has to be used with guideline, you need to report annually on your portal. You must use all the fund appropriately by Mar 11, 2023. Unused fund has to be returned.
You can apply now, contact your accountant for questions. You can click the link for the SBA RRF guideline.
This program provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19.
<Eligible Uses of Funds>
-Payroll costs
-Rent or mortgage for your business location
-Business debt payments, but prepayment is not included
-Business utilities
-Equipment or renovation
-Construction on outdoor seating
-Business supplies
