The Small Business Administration (SBA) has provided more information about the Restaurant Revitalization Fund (RRF) which will provide relief for PA restaurants who lost revenue due to the pandemic in the form of $1,000- $5 million (per location) payments.
These funds can be applied to specific expenses including payroll costs, mortgage payments, rent payments, debt services, utilities, maintenance, outdoor seating, PPE and cleaning supplies, some supplier costs, and operating expenses. If you use the funds by March 11, 2023, you will not have to repay the funding.
Does Your Establishment Qualify?
Most PA businesses that serve food or alcohol and opened in or before 2019 can apply for the RRF.
Restaurant Revitalization Fund Qualifying Establishments
- Restaurants and bars/taverns
- Food trucks/stands/carts
- Cafes, Juice Bars, and other snacks/ beverage bars
- Inns that serve food
- Brewpubs, Breweries, and microbreweries,
- Wineries/ distilleries
Certain applicants will have to prove that onsite sales to the public comprised at least 33% of their sales in 2019.
When Does the Application Process Begin?
The SBA will begin accepting RRF applications at restaurants.sba.gov on Monday, May 3.
In the first 21 days that applications are open, the SBA will be prioritizing women-owned businesses, veteran-owned businesses, and businesses owned by socially/ economically disadvantaged people, although establishments that don’t fit in these categories can still apply during that period.
How to Prepare to Apply for Restaurant Revitalization Fund
Want to be ready to apply as soon as possible? Register now through the portal and you’ll be able to get started on the application and gather everything you’ll need. More details can be found in the Restaurant Revitalization Fund Program Guide. For local help with RRF, contact the Pittsburgh District Office.
Sofranko Advisory Group is Here to Help You Bounce Back
If you need help bouncing back from the pandemic, including how to make the most of your RRF money, contact us. We provide consulting services to put our 30+ years of experience to work making your business as efficient as possible. We can also help you apply for traditional financing OR get quick, upfront funding through our Liquor License Lending program.