The Restaurant Revitalization Fund helps participating restaurants, bars, and other qualified businesses that have been affected by COVID-19. The Restaurant Revitalization Fund (RRF) was created by the American Rescue Plan Act to help restaurants and other eligible businesses stay open. This program would compensate restaurants for sales losses caused by the pandemic, up to a maximum of $10 million per company and $5 million per physical location. Recipients do not have to to repay funds if they are used for qualifying purposes before March 11, 2023.
According to the Hispanic Chamber of Commerce of Central Florida, the U.S Small Business Administration (SBA) will be hosting two virtual orientations in Spanish for the Restaurant Revitalization Fund.
The applications have been pouring in, but we know that the funds will be used up quickly. That is why we ask that you help get the word out and encourage your local community restaurants to apply. Small, one of kind restaurants are very likely to meet one of the Priority Group Criteria. The longer they wait to apply the greater the chance of not reaching any award funds.
Here is what the fund guidelines state regarding the Priority Period and Priority Groups:
- Priority Period: Days 1-21 – During the initial 21-day Priority Period, SBA will accept applications from all eligible applicants, only applications from small businesses owned by women, veterans, and socially and economically disadvantaged applicants will be funded during this period.
- What is a Priority Group: A small business concern that is at least 51 percent owned and the management and daily business operations of the applicant are controlled by one or more individuals who are: Women, Veterans, and Socially and Economically Disadvantaged. (Applicants must self-certify on the application that they meet eligibility requirements)
- Socially disadvantaged individuals are those who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities.
- Individuals who are members of the following groups are presumed to be socially disadvantaged: Black Americans; Hispanic Americans; Native Americans (including Alaska Natives and Native Hawaiians); Asian Pacific Americans; or Subcontinent Asian Americans.
- Economically disadvantaged individuals are those socially disadvantaged individuals whose ability to compete in the free enterprise system has been impaired due to diminished capital and credit opportunities as compared to others in the same business area who are not socially disadvantaged.
For complete program information and resources visit: www.sba.gov/restaurants
Learn more about our Hospitality programs (Culinary Arts & Baking and Pastry):