SBA Part Forty-Two: Important Information On The Restaurant Revitalization Fund Program

With the Small Business Administration's (SBA) announcement late last week in a Senate hearing that it plans on rolling out the Restaurant Revitalization Fund (RRF) Program, under the American Rescue Plan Act of 2021 (Act), as soon as early April, potential applicants should begin preparing for the application process.

I. Recap of the RRF Program

As we discussed in our previous article, this $28.6 billion RRF program will provide much-needed economic relief to restaurateurs who have been heavily impacted by government shutdown orders, social distancing requirements, and limitations on operations and hours due to the COVID-19 pandemic. To recap: "eligible entities" may seek a grant for their "pandemic-related revenue loss," up to a total of $10 million (including a cap of $5 million per physical location for entities with more than one location). The grant amount is equal to the applicant's 2019 gross receipts less (a) the applicant's 2020 gross receipts and (b)