Restaurant Revitalization Fund to Open for Applications on May 3
Published April 28, 2021
The SBA has announced that the applications for the Restaurant Revitalization Fund (RRF) will open on Monday, May 3rd at 12 noon ET. Although the SBA will give priority to certain applicants for the first 21 days all eligible applicants are encouraged to apply when the application period opens on Monday and the SBA will determine which applicants qualify for priority status. The funds are expected to be fully utilized so you are encouraged to apply as soon as the application period opens.
What can you do now to prepare ahead of the application period?
- Determine how you plan to apply for the RRF grant
- SBA Recognized POS vendors
- SBA portal @ https://restaurants.sba.gov (you can register for a portal account beginning Friday, April 30th at this website address)
- Telephone (should only be utilized as a last resort option as the funds may be gone before your application is processed)
- Print and complete the draft application (be sure to monitor the SBA website for updates to this form) so that you can complete the online application more efficiently and have the necessary documentation prepared. The current draft version can be found at https://www.sba.gov/document/sba-form-3172-restaurant-revitalization-funding-application-sample
- Gather your supporting documentation that will need to be uploaded to the portal when you apply – the SBA has stated that incomplete applications/documentation will be rejected:
- Verification for Tax Information: IRS Form 4506-T, completed and signed by Applicant. Completion of this form digitally on the SBA platform will satisfy this requirement. A copy of this form, for your reference, can be found at https://www.irs.gov/pub/irs-pdf/f4506t.pdf
- Other Required Documents
- 2019 tax returns to substantiate gross receipts (including Schedule K-1s for Forms 1065 & 1120S)
- Most recent 3 months bank statements
- 2020 gross receipts documentation
- PREFERRED – 2020 tax returns (including Schedule K-1s for Forms 1065 & 1120S) or SBA Restaurant Partner validated POS report
- Accepted – POS report
- Externally or internally prepared financial statements (should be signed and certified as to accuracy by applicant)
- Print and complete the draft application (final application is scheduled to be posted on Friday, April 30th)
- Questions #5 & 6: You will need your SBA PPP Loan Numbers (these are the loan numbers issued by the SBA – NOT the loan numbers assigned by your bank)
- Question #7: List all affiliates, not just restaurant entities
- Calculation of funding – Gross receipts for 2020 should not include any of the following amounts:
- PPP loan proceeds
- SBA Section 1112 debt relief payments
- SBA EIDL loan or advances
- State and local small business grants
- When completing the purpose of the RRF select all expenditure types to maximize the flexibility of the spending requirements.
The SBA Restaurant Revitalization Fund FAQs can be accessed at https://ussbaforgiveness.zendesk.com/hc/en-us/categories/360005965311-Restaurant-Revitalization-Fund-Knowledge-Base
The MCM Hospitality Services team is available to assist you with questions regarding the application process.