SBA to Open the Restaurant Revitalization Fund (RRF)
Christina Moore explains the SBA initiative aimed at the restaurant industry.
The Small Business Administration will begin registrations for the Restaurant Revitalization Fund (RRF) on Friday, April 30, 2021, at 9 a.m. EDT and open applications on Monday, May 3, 2021, at noon EDT.
In preparation, the SBA recommends qualifying applicants familiarize themselves with the application process in advance to ensure a smooth and efficient application experience, specifically by:
1) Registering for an account in advance at sba.gov starting Friday, April 30, 2021, at 9 a.m. EDT.
2) Reviewing the official guidance, including program guide, frequently asked questions, and application sample.
3) Preparing the required documentation.
4) Working with a point-of-sale vendor or visiting sba.gov to submit an application when the application portal opens. [Note: If an applicant is working with a point-of-sale vendor, they do not need to register beforehand on the site.]
5) Attending a live recorded virtual training webinar with the SBA (visit the SBA’s website for registration/virtual training options).
For the first 21 days that the program is open, the SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals.
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