Information about the SBA Restaurant Revitalization Fund:
The Small Business Administration (SBA) Restaurant Revitalization Fund (RRF) will provide funding to help restaurants and other eligible businesses. Unlike the SBA’s Paycheck Protection Program (PPP), in which applications were submitted to and processed by participating banks, like Fremont Bank, the Restaurant Revitalization Fund will be administered directly by the SBA.
- The RRF will provide qualified businesses 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.
- The SBA will begin taking applications Monday, May 3, 2021 at noon ET.
Please visit the SBA site (https://www.sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund) for comprehensive information about the program, including who can apply, allowable uses of funds, and more detailed instructions about applying.