SBA Announces Restaurant Revitalization Fund Registration & Application Date

Apr 27, 2021

Today, the SBA announced it will open registration for the Restaurant Revitalization Fund (RRF) on Friday, April 30, 2021, at 9 am ET. Applications will officially be available on Monday, May 3, 2021, at noon ET and will remain open for any eligible entity until the funds are completely exhausted. In order to prepare for the launch of the RRF, the SBA recommends applicants become familiar with the application process by doing the following:

  • Register in advance for an account at restaurants.sba.gov. This registration will go live on Friday, April 30, 2021, at 9 a.m. EDT.
  • Review the official guidance, program guide, FAQs, and sample application published by the SBA.
  • Prepare your required documentation.
  • When the portal opens on Monday, May 3rd, 2021 work with your point-of-sale vendor or visit restaurants.sba.gov to submit your application. The SBA noted if you are working with a point-of-sale vendor, registration prior to submitting the application is not required.

The SBA will host two webinars on Tuesday, April 27, and Wednesday, April 28 covering the Restaurant Revitalization Fund program details and how to submit an application. To register for one of the webinars, click below:

While the webinars are limited to the first 20,000 registrants, recordings will be made available on the SBA’s YouTube Channel.

The SBA will be prioritizing funding applications from businesses owned by women, veterans, and socially and economically disadvantaged individuals for the first 21 days. However, all eligible applicants are strongly encouraged to submit their applications as soon as the portal opens. Once the 21 day priority period has passed, all eligible applications will receive funding on a first-come, first-serve basis.

If our team can be of assistance please reach out to us. We will continue to update and monitor this topic as more news is shared.

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Kristin Metzger, CPA
Restaurant Practice Leader
kristin.metzger@wvco.com | 419.891.1040

Categories: COVID-19, Restaurant & Hospitality


PPP Deadline Extended Through May 2021

Mar 31, 2021

The PPP Extension Act of 2021 passed by Congress last Thursday has now been signed into law by President Biden. The PPP Extension Act of 2021 expands the Paycheck Protection Program (PPP) loan application due date two months from March 31, 2021, to May 31, 2021. With nearly 190,000 pending applications, the law provides small businesses and nonprofits 60 additional days to apply for the roughly $79 billion of funds remaining. This extension comes just two weeks after the American Rescue Plan (ARP) made several changes to the PPP, which we previously outlined here.

An additional provision of the Act allows the Small Business Administration (SBA) until June 30, 2021, to process lender applications.

Categories: COVID-19


How to Prepare For the Restaurant Revitalization Fund Opening

Mar 24, 2021

This story was updated on 4/1/21 to reflect a potential change in SBA requirements for the Restaurant Revitalization Fund (RRF). Restaurants will not be required to acquire a System of Award Management (SAM) number nor a D-U-N-S number as previously thought.

In a previous post, we examined the Restaurant Revitalization Fund (RRF) under the American Rescue Plan and outlined the program details, eligibility, and the qualifying uses for the funds. With more than $20 billion available for restaurant businesses of different sizes, we anticipate a high demand for RRF grants.

As the restaurant industry patiently awaits further guidance from the Small Business Administration (SBA), there are steps restaurant owners can take now to best prepare for the opening of the fund. We encourage you to take action now by:

Gathering your paperwork – Finally, you should begin compiling your receipts and financial statements to show your 2019 and 2020 revenues.

Unfortunately, as of the date of this advisory, the SBA’s application process is not yet open. Nonetheless, we expect the application to be available on the SBA’s website, and, once available, applications will be submitted directly through the SBA. It is important to keep in mind not everyone who applies for an RRF grant will receive funds. Much like the first round of PPP, funds will go fast. We highly recommend you take the steps above to best position your restaurant. If you have questions or need help, we are here!

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Kristin Metzger, CPA
Restaurant Practice Leader
kristin.metzger@wvco.com | 419.891.1040

Categories: COVID-19, Restaurant & Hospitality