White Plains: U.S. Small Business Admin Launches Restaurant Revitalization Fund

Press release from the City of White Plains:

Posted on: April 19, 2021

The US SBA will launch a phased rollout of the $28.6 billion Restaurant Revitalization Fund (RRF) starting in April. The American Rescue Plan Act, P.L. 117-2, created the RRF to provide restaurants with grants - not loans - potentially equal to pandemic-related revenue losses, up to $10 million per entity, or $5 million per physical location for a certain periods during the pandemic.

Restaurants and bars have been among the hardest hit businesses during the COVID-19 pandemic and this program is targeted specifically for them. Details on application requirements, eligibility, and a program guide are now available in English at www.sba.gov/restaurants or in Spanish at www.sba.gov/restaurantes.

Ahead of the application launch and over the next two weeks, the SBA will establish a seven-day pilot period for the RRF application portal and conduct extensive outreach and training. The pilot period will be used to address technical issues ahead of the public launch. Participants in this pilot will be randomly selected from existing PPP borrowers in priority groups for RRF and will not receive funds until the application portal is open to the public.

Following the pilot, the application portal will be opened to the public. The official application launch date will be announced at a later date. For the first 21 days that the program is open, the SBA will prioritize reviewing applications from small businesses owned by women, veterans, and socially and economically disadvantaged individuals. Following the 21-day period, all eligible applicants are encouraged to submit applications.

For more information on COVID-19 resources for small businesses got to our COVID-19 Small Business Resources page.

This press release was produced by the City of White Plains.The views expressed here are the author’s own.