The Small Business Administration (SBA) announced today that it will open applications for the Restaurant Revitalization Fund (RRF) grant program at 10 a.m. MDT on Monday, May 3. After authorization of the RRF on March 11, the SBA is has consistently said it anticipated a launch date in mid- to late-April, so we’re considering that May 3 date good enough for government work.
Operators anxious to get a piece of the $28.6 billion piece of the pie will want to take the following steps before next Monday:
- Attend the SBA’s application training on Wednesday, April 28.
- Create an account on the RRF portal starting Friday, April 30 at 7 a.m. MDT. (If you plan on submitting your application through POS system Square or Toast, you can skip this step.)
- Review the sample application, program guide, and FAQs.
- The program guide is available in 17 languages, including Spanish, simplified and traditional Chinese, Vietnamese, Korean, Arabic, and Russian.
- Gather your required documents:
- Verification for tax information: IRS Form 4506-T. You can complete of this form digitally on the SBA platform.
- Gross receipts documentation: Any of the following documents demonstrating gross receipts and, if applicable, eligible expenses:
- Business tax returns (IRS Form 1120 or IRS 1120-S)
- IRS Forms 1040 Schedule C; IRS Forms 1040 Schedule F
- For a partnership: partnership’s IRS Form 1065 (including K-1s)
- Bank statements
- Financial statements such as income or profit and loss statements
- Point of sale report(s), including IRS Form 1099-K
Until Monday, May 24, applications from businesses owned by women, veterans, and socially and economically disadvantaged individuals will be prioritized. After that, though, grants will be awarded on a first-come, first-served basis, and operators are encouraged to apply immediately, as it’s possible funds may run out. (The SBA swears the website is up to the challenge and won’t crash.)
Operators, start your engines—and godspeed.
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