Restaurant Rescue Plan Funding Available Soon, Registration Opens April 30

Restaurant Rescue Plan Funding Available Soon, Registration Opens April 30

(Auburn Hills Chamber of Commerce, April 28, 2021)

The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.

Who Can Apply

Eligible entities who have experienced pandemic-related revenue loss include:

~Restaurants

~Food stands, food trucks, food carts

~Caterers

~Bars, saloons, lounges, taverns

~Snack and nonalcoholic beverage bars

~Bakeries (onsite sales to the public comprise at least 33% of gross receipts)

~Brewpubs, tasting rooms, taprooms (onsite sales to the public comprise at least 33% of gross receipts)

~Breweries and/or microbreweries (onsite sales to the public comprise at least 33% of gross receipts)

~Wineries and distilleries (onsite sales to the public comprise at least 33% of gross receipts)

~Inns (onsite sales of food and beverage to the public comprise at least 33% of gross receipts)

~Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products

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:

~Registering for an account in advance at sba.gov starting Friday, April 30, 2021, at 9 a.m. EDT.  Applications Open Monday, May 3

~Reviewing the official guidance, including program guide, frequently asked questions, and application sample.

~Preparing the required documentation.

~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.

More info:  SBA Website

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