We want to be sure you are aware of the new Small Business Administration (SBA) Restaurant Revitalization Fund (RRF). The RRF is essentially a grant and not a loan. The program is being run directly through the SBA.
While the bank is not involved in the process, we want to be sure you were aware of this opportunity.
Eligible entities who have experienced pandemic-related revenue loss include:
- Bakeries (onsite sales to the public comprise at least 33% of gross receipts)
- Bars, saloons, lounges, taverns
- Breweries and/or microbreweries (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)
- Caterers
- Food stands, food trucks, food carts
- Inns (onsite sales of food and beverage to the public comprise at least 33% of gross receipts)
- Licensed facilities or premises of a beverage or alcohol producer where the public may taste, sample, or purchase products
- Restaurants
- Snack and nonalcoholic beverage bars
- Wineries and distilleries (onsite sales to the public comprise at least 33% of gross receipts)
The basic eligibility amount is your gross reduction in revenue from 2019 to 2020 less any Paycheck Protection Program (PPP) funds you have received, subject to other SBA rules and restrictions. Program details can be found here.
Funds allocated for the entire RRF are limited to $28.6 Billion, so it is a much smaller program than PPP. We anticipate the funds will go quickly, so you should not delay if you would like to apply.
Please let us know if we can help in any way.
