Was your restaurant hit hard by the pandemic? Did you receive a Restaurant Revitalization Fund (RRF) grant? If not, you might be lucky enough to be one of 169 operators who are now eligible for a grant.

What is the Restaurant Revitalization Fund?

The $28.6 billion fund, introduced by the American Rescue Plan, allows eligible businesses to receive a tax-free federal grant equal to the amount of their revenue loss related to the pandemic.

What businesses are eligible?

The RRF targets smaller restaurant groups of 20 or fewer units, regardless of ownership type of the locations or whether the locations do business under one or multiple names (as of March 13, 2020). The fund provides up to $5 million grant per unit, and up to $10 million per restaurant affiliated group.

What’s new?

After the initial RRF funds were distributed ($28.6 billion) more than 177,000 applications were left in limbo.

Recently, the SBA announced an additional $83 million in unobligated RRF grants to 169 operators who have pending RRF applications.

How are the new grants being released?

The grants will be released to operators in the order their applications were received by the SBA. You should have received notification already if you are one of the 169 impacted operators. The SBA will start transmitting grants this week. Operators receiving the funds will have until March 2023 to use the money.

Questions? Contact us.