Restaurant Revitalization Fund (RRF)
News & Updates
Just like all other COVID relief programs, we expect this one to have changes, updates and news. We'll track the progress of the Restaurant Revitalization Fund right from the opening gun on May 3rd through the life of the program.
5/12/2021 - SBA Reports that RRF Demand Far Exceeds the Available Funding
The SBA Restaurant Revitalization Fund (RRF) opened May 3rd as expected. Even with $28.6 billion in available funding, applications submitted within a few days far exceeded the total funds. Those in the industry knew this was the case, and the SBA published information today that over $65 billion had been requested - more than 2x available money).
While we weren't surprised, we were still very sorry to see that so many small businesses won't be able to benefit from this program. We suggest applying anyway in case more funds are allocated to the program.
5/3/2021 - Portal Opens for Applications - Some Applicants Received "Failed" Message
The grant portal opened today as expected. With the large number of first day applicants expected, it seemed likely there could be technical glitches. The only one that so far has made the news is an issue with a technical vendor, LexisNexis. The SBA uses LexisNexis to run authentication checks on applicants. Some applicants today received this message: "Your application failed the Knowledge Based Authentication (KBA) Validation". According to the SBA, for those applicants, "your place in line is reserved and you will be able to complete your application shortly".
5/2/2021 - Portal Set to Open for Applications
The grant portal opens tomorrow, May 3rd at 12pm EST. Eligible businesses can submit applications directly in the portal, or they can apply directly through Toast or Square POS systems. During the first 21 days, the SBA will prioritize funding applications from businesses owned by women, veterans and socially or economically disadvantaged individual. However, all owners can submit applications beginning tomorrow.
4/30/2021 - SBA Grant Portal Opens for Registrations
The SBA's brand new portal, built for the Restaurant Revitalization Fund, will allow registrations starting at 9am EST. Businesses cannot apply yet, and registering will not put an applicant in the queue for priority order. The only benefit of registration is that applicants can obtain a username and password. (The SBA hopes lots of applicants will register mainly so they can get an idea of demand.)