1. APRIL 29 - SBA WEBINAR
Oregon State Chamber of Commerce presents a Small Business Administration (SBA) webinar on the Restaurant Revitalization Fund on Thursday, April 29, at 10am.
In this presentation, you will learn:
• What is the Restaurant Revitalization Fund (RRF)
• Who is eligible
• How do other programs Impact RRF
• How can you use the funds
• How to calculate fund amounts
• How to apply and what documents are needed
• How to get help with applying for RRF
Ashley Lambeth Christian
Outreach and Marketing Specialist
SBA Portland District Office
2. APRIL 30 - REGISTRATIONS OPEN
SBA Administrator Isabella Casillas Guzman announced the U.S. Small Business Administration will begin registrations on Friday, April 30, 2021, at 9 a.m. EDT for the Restaurant Revitalization Fund.
3. MAY 3 - APPLICATIONS ACCEPTED
The U.S. Small Business Administration will 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.
Established under the American Rescue Plan, and signed into law by President Joe Biden on March 11, 2021, the Restaurant Revitalization Fund provides a total of $28.6 billion in direct relief funds to restaurants and other hard-hit food establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic. 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. Funds must be used for allowable expenses by 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.
Consistent with the legislation and the intent of Congress, the SBA continues to take steps to ensure the equitable distribution of relief, particularly for the smallest businesses, by creating a $9.5 billion set-aside: $5 billion for applicants with 2019 gross receipts of not more than $500,000; $4 billion is set aside for applicants with 2019 gross receipts from $500,001 to $1,500,000; and $500 million for applicants with 2019 gross receipts not more than $50,000.
If you are a business owner in Central Oregon and think you are eligible to apply for the Restaurant Revitalization Fund, but don’t get your questions answered at one of the sessions above, business advisers at Central Oregon Community College’s SBDC may be able to help you navigate the criteria for the program. Call 541-383-7290 or email email@example.com for assistance.
You can also find relevant and appropriate information for all stages of an entrepreneurial lifecycle through quality training and informed support at COCC’s SBDC.