Restaurant Revitalization Fund: What Is It?
The Restaurant Revitalization Fund (RRF) was created with the intention of helping the restaurant sector by supporting businesses who have incurred severe revenue losses as a result of the pandemic. Additionally, the RRF stipulates measures to ensure fair distribution to socially and economic underprivileged candidates. Disadvantaged groups, women-owned businesses, and veterans’ businesses.
Applicants who wish to apply for financing through the Restaurant Revitalization Program must fill out this application. The SBA is gathering the information required to evaluate applicants’ eligibility for aid. You can read the instructions and Application procedure at the bottom.
Application Procedure:
The RRF can be applied for in three different ways:
1. By use of a reputable SBA restaurant partner
2. Directly through SBA at restaurants
3. Over the phone at (844) 279–8898
1. By use of a reputable SBA restaurant partner
To ensure a broad and equitable distribution of relief, the SBA formed relationships with numerous reputable technology firms that offer software, hardware, and money transfers to the restaurant industry. These associates go by the designations of SBA Restaurant Partners or SBA Point-of-Sale (POS) Restaurant Partners.
You can submit an application for funding via his\her webpage or secure portal if you presently work with one of the SBA’s restaurant partners. These partners created tools to simplify the calculation, validation, and submission of submissions to the SBA for applicants
The SBA encourages applicants who use its partners to use their tailored application procedure because it will take less time to prepare and process the application.
Each restaurant partner might have distinct procedures or resource materials that applicants might utilise. The SBA is aggressively seeking out new partnerships to add in the upcoming weeks. When the SBA announces new official partners, be sure to keep an eye on sba.gov/restaurants for details. Once a partner is chosen, you may visit their website to learn more about how they can help with your application.
2. Directly through SBA at restaurants
1. Compile the documents listed in this document.
2. To utilize the application platform, go to restaurants.sba.gov if you do have internet access and will not utilize one of SBA’s Restaurant Partners.
3. Open a new account
4. Finish the attestations and application questionnaire.
5. Post the required files.
6. An DocuSign document will be delivered to the email specified with in application portal once the application has been submitted.
7. Immediately execute the DocuSign package to start the SBA review procedure.
8. The SBA will start to examine your application. Given complete and verified documentation, the review will be finished in around 14 days. The application portal allows users to view the status of their applications.
9. The email address linked to the applicant account will receive any information on the decision on the application or requests for additional documentation.
10. Funds will be automatically transferred to the savings account specified in the application, if accepted.
3.SBA Direct Telephonic Application
1. Compile the documents listed in this document.
2. Contact (844) 279–8898
3. Work with a support agent to complete the application questions and attestations.
4. Mailing of the applicant’s signed application and signature documents.
5. The applicant must ship the application back to the SBA with all required signatures and notarizations (return address instructions included in mailed application).
6. The SBA will start reviewing your application. Assuming complete and verified paperwork, the review will be finished in around 14 days.
7. If there is no email address linked with the applicant account, a letter with the application decision or a request for more paperwork will be issued instead.
8. The application-listed bank account will be automatically credited with the amount if approved.
You must additionally submit:
- Application for Pay protecting checks You have got a loan amount.
- A list of your associated companies, defined as those companies in which you own at least 50%,
- Having declared bankruptcy: documentation of your authorised reorganisation plan
- Gross revenues paperwork may include company financial records, IRS Forms 1040 Schedules C or F, IRS Form 1065 for partnerships, income reports like revenue or statement of financial position, and IRS Form 1099-K, among other things.
