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Update On SBA’s $28.6 Billion Restaurant Revitalization Fund: Launch Date For Online Application Portal Announced

After sharing the Small Business Administration’s (SBA) draft application, and their program guide and sample application, we now have specific direction on when applicants can register and apply for a grant from the $28.6 Billion Restaurant Revitalization Fund (RRF).

Earlier this week, the SBA announced that the portal for the RRF will go live on Friday, April 30, 2021, beginning at 9 am EDT so that qualified applicants may register for an account.  Further, the SBA announced that the portal would officially begin accepting applications to receive funds from the program on Monday, May 3, 2021 at 12 pm EDT.  Applicants will need an account in the system in order to apply for funds.

The SBA is encouraging applicants to familiarize themselves with the application process by registering for an account in advance, ensuring a smooth and efficient experience.  Applicants should also review the official SBA guidance, including the program guide, frequently asked questions, and the sample application.

One notable change is that the SBA has signaled that the portal will remain open to eligible applicants only until the Fund has been exhausted. Previously, there had been speculation about options to increase the funds if the applicants flooded the SBA with requests, as happened last year during the initial round of the Paycheck Protection Program.  This week’s announcements seems to imply that once the RRF funds have been exhausted, the application portal will shut down.

What does this mean for restaurant owners who have suffered huge losses during the pandemic?  For starters, applicants would be wise to review the application requirements in advance and be prepared with all the information required to complete the application once the portal begins accepting applications on Monday, May 3.

Although the SBA has set aside the first 21 days of the application period as a priority window to benefit businesses owned by women, veterans, and socially and economically disadvantaged individuals, it is recommended that any qualified applicant register and apply early.  Expectations are high that the SBA will be flooded with applicants and the funds will quickly be exhausted.

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