Important news for restaurants, bars, saloons, lounges, and more: The Small Business Administration announced this week that its Restaurant Revitalization Fund (RRF) will provide funding to restaurants, bars, and other eligible business that have been hard hit by COVID-19 so that they can keep their doors open. As weather gets warmer and vaccination rates increase, customers are eating and drinking outside their homes again. Hard-hit restaurants and bars can use the much-needed capital to meet the surging demand.
A total of $28.6 billion is available through the program that was signed into law in early March. The RRF provides eligible businesses with funding that is equal to their pandemic-related revenue loss: the minimum reward is $1,000 and awards top out at $5 million per physical location ($10 million per business).
The best news? Businesses that receive funds are NOT required to pay them back, as long as they are used for eligible expenses no later than March 11, 2023.
RPOWER's Cloud Reporting utility, under the Multi-Unit & Corporate reporting category, now has an SBA RRF Report. This report provides a location's sales totals for 2019 and 2020 in a single page easy- to-read format. This financial information, along with other location information, is needed to complete the SBA RRF application. Businesses may also utilize their own tax filing and or company records (Profit & Loss, Income Statements) for this information.
All RPOWER POS sites need to visit the SBA RRF application website to register and submit their application directly with the SBA.
Registration for the SBA application portal begins on Friday, April 30, 2021, at 9 am ET. Applications will open on Monday, May 3, 2021, at noon ET. See how to apply for more detail.