The Restaurant Revitalization Fund by the SBA

The Restaurant Revitalization Fund opened up this month. Restaurateurs should log in now, fill out the paperwork (which takes about twenty minutes), and see what they qualify for — before the funds are exhausted.

What is the Restaurant Revitalization Fund?

The RRF is designed to pay for any losses you experienced during COVID — your gross receipts less qualified expenses. Any stipend you receive will also need to go to qualified expenses, such as rent and utilities. Unlike the EIDL and PPP loans, the RRF is open to businesses that opened in 2020. The RRF also prioritizes businesses owned by women and those in historically economically or socially disadvantaged classes.

In the past, welfare has been disproportionately allocated in terms of race, with minorities often benefiting less than White peers. But with Black-owned small businesses hit significantly harder than others, it becomes more important to get aid where it’s needed to support the economy.

An H&R Block survey of almost 3,000 small businesses found that 53% of Black business owners saw their revenue drop by half, compared to 37% of White owners, since the pandemic started. Black business owners also had more trouble establishing an online presence for their company and were more likely to have customers submit late payments, the survey said.

Women-owned businesses suffered similarly compared to male-owned businesses — and restaurants, of course, have been among the hardest-hit companies during the COVID-19 pandemic.

What Do You Need to File?

Ideally, you should have financial documents (profit and loss sheets) prepared through March 11, 2021 by a certified public accountant or professional bookkeeper — this will speed up processing. If you don’t, however, you can furnish your own statements, you will simply need to attest to their accuracy. The SBA will ask you about:

• Your business information.
• Your gross revenues.
• Your qualified expenses.

From there, the SBA will calculate how much your award will be. If you did not lose money during COVID-19, you are unlikely to get an award. It’s unknown how long the award will take to be received, though using your own financial documentation carries with it up to a 14-day delay for processing.