Here is a bulleted overview of the Restaurant Revitalization Fund (RRF) program and application info that has the potential to be a very nice opportunity for our struggling business customers in the restaurant industry.
Overview
• $28.6 billion is available in funding to cover an estimated $270 billion in losses
• Deadline: Application portal opens 5/3/21 but businesses should register Friday or over the weekend so there are no hiccups Monday morning.
• This money will go very fast - interested businesses should apply on day one, hour one.
• Review the draft application and have it filled out and ready to copy over into live application when the portal opens on Monday.
• Have all documentation saved together and ready to upload.
• Average application time is 10-25 mins if all documentation is prepared and ready to upload ahead of time.
• For the first 21 days, funds will only be awarded to businesses owned 51% or more by women, people of color, veterans, or socially and economically disadvantaged populations.
o Any business can apply starting day one - if you are not a priority category, your goal should be to have your application be one of the first looked at on day 22. Get your application submitted and timestamped as close to 5/3/21 12pm EST possible. The program will run until funds dry out - this could be day 30.
Draft application – highly recommended to review/complete ahead of portal opening 5/3/21