05/04/2021 | News release | Distributed by Public on 05/04/2021 15:22
The Small Business Administration announced that the start of the Restaurant Revitalization Fund (RRF) application process begins May 3, 2021.
The RRF grant program, authorized in March under the American Rescue Plan, allocates $28.6 billion to eligible small businesses in the food-and-beverage service sector-restaurants, bars and caterers.
The funds are expected to go fast, so businesses are encouraged to apply early. The National Restaurant Association offers a handy step-by-step guide to the application process.
Part of the criteria needed to qualify include gross receipts from 2019 and 2020. As an SBA-recognized Point of Sale (POS) Restaurant Partner for this grant, Heartland can help merchants generate the required reporting directly from their POS system.
Operators can access that information by following step-by-step instructions for your specific POS below:
Unlike former relief programs accessed through banks, eligible businesses are to submit applications directly to the SBA at restaurants.sba.gov or through an SBA-recognized POS partner.
Businesses must meet certain requirements, such as having fewer than 20 locations. Grant amounts are equal to a restaurant's pandemic-related revenue loss up to $10 million per business, but no more than $5 million per physical location.
Recipients don't have to repay the grant if the funds are used for eligible purchases by March 11, 2023. A list of eligible purchases can be found on page 8 of a full RRF Grant FAQ, also from the National Restaurant Association.
Additionally, a priority-funding window for the first 21 days is limited to businesses which are at least 51% owned and controlled by women, veterans, and socially and economically disadvantaged individuals.
For more information from the SBA, check out the official program guide.
The National Restaurant Association and Heartland have teamed up to offer payments, payroll, point of sale, customer engagement and funding solutions to help manage and grow your restaurant. Learn More.