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Restaurant Revitalization Fund – Act Now!

March 12, 2021 20:09 PM

Restaurant Revitalization Fund – Act Now!

The recently passed $1.9 Trillion Stimulus Bill, also known as the American Rescue Plan Act, establishes a $28.6 Billion Restaurant Revitalization Fund (RRF) within the U.S. Small Business Administration (SBA). Eligible businesses may receive a tax-free federal grant. The application is not yet open however, there are steps you should take now to be ready when the application opens!

RRF Page 1

Restaurant Revitalization Brief

Eligible entities include a restaurant, food stand, food truck, food cart, caterer, saloon, inn, tavern, bar, lounge, brewpub, tasting room, taproom, licensed facility or premise of a beverage alcohol producer where the public may taste, sample, or purchase products, or other similar place of business in which the public or patrons assemble for the primary purpose of being served food or drink.

Do This Now!

Step One (Do This Now): Request a D-U-N-S Number

The Dun & Bradstreet D U N S Number is a unique nine-digit identifier for businesses. Click here to request a D U N S Number. If you are not sure if you have one, you can also follow that link to look up your D U N S Number. A number request could take several days.

Step Two (Do This Next): Create an Account/Register at SAM.gov

The System for Award Management (SAM) is an official website of the U.S. government. There is no cost to use SAM. Once you have your D-U-N-S Number, you can click here to create and account an register your business. This could take one to two weeks.

Step Three (Do This Next): Gather Financial Information

Begin gathering financial information which will allow you to be ready when the application process opens. An eligible business may receive a tax-free grant equal to the amount of pandemic-related revenue loss, calculated by subtracting 2020 gross receipts from 2020 gross receipts.

 

We’ll continue to reach out as additional information becomes available. If there is someone within your organization that should be added to our email list, please let us know! You can also find valuable information on our recovery resource pages.

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