On March 11th 2021 the American Rescue Plan Act created a $28.6 billion fund for restaurants called Restaurant Revitalization Fund (RRF). This fund is set to provide grants to restaurants and other eligible businesses by providing grants equal to their financial loss due to the COVID-19 pandemic, up to $10 million. Funds can be used for eligible expenses, such as payroll and rent.
The RRF began accepting applications from eligible companies on May 3rd. All eligible companies are able to apply, but for the first 21 days the Small Business Administration (SBA) will prioritize reviewing applications for small businesses owned by women, veterans, and socially and economically disadvantaged individuals.
Eligible entities for the fund include:
If you have any questions or would like to find out if you are eligible, please reach out to Apex CPAs for a consultation using the form below. If you are already a client, please reach out to your Apex CPAs contact.