Join us for Coffee Talk on Thursday, May 6th as we learn about the Restaurant Revitalization Fund (RRF). Dan Rickman of the Small Business Administration will talk to us about the significance of this fund and answer questions you might have.
The U.S. Small Business Administration will begin portal registrations on Friday, April 30, 2021, at 9 a.m. EDT and open applications on Monday, May 3, 2021, at noon EDT for the Restaurant Revitalization Fund. The online application will remain open to any eligible establishment until all funds are exhausted.
The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
For the first 21 days that the program is open, the SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. All eligible applicants are encouraged to submit applications as soon as the portal opens. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.
Coffee Talk is a web-based series hosted by the Greater Watertown - North Country Chamber of Commerce. The series provides an opportunity to learn from our guest speakers on a variety of topics relevant to current business conditions with a question and answer format.