There is finally some good news for restaurant owners and other food service businesses hit hard by the COVID-19 pandemic.
The Small Business Administration (SBA) recently announced the start of the Restaurant Revitalization Fund [RRF] Grant, with the application available beginning Monday, May 3, 2021.
The RRF grant program was authorized in March under the American Rescue Plan Act and has $28.6 billion allocated to eligible small businesses — restaurants, bars and caterers.
The funds are expected to go fast, so businesses are encouraged to apply early.
How to Apply
Part of the criteria needed to qualify include gross receipts from 2019 and 2020. As an SBA-recognized Point of Sale (POS) Restaurant Partner for this grant, Heartland can help merchants generate the required reporting from their POS system.
You can access that information by following step-by-step instructions for your specific POS below.
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Applications can be submitted directly to the SBA at restaurants.sba.gov.
Businesses must meet certain requirements, such as having less than 20 locations. Grant amounts are equal to a restaurant’s pandemic-related revenue loss up to $10 million per business, but no more than $5 million per physical location. Recipients don’t have to repay the grant if the funds are used for eligible purchases by March 11, 2023. A list of eligible purchases can be found on page 8 of the FAQ from the National Restaurant Association.
Additionally, a priority-funding window for the first 21 days is limited to businesses which are at least 51% owned and controlled by women, veterans, and socially and economically disadvantaged individuals.
For more information from the SBA, check out the official program guide.