Newtek Business Services Corp.

American Rescue Act Allocates Relief Specifically for Restaurants

Part of the recent COVID relief package that was recently signed into law set aside $28.6 billion for the restaurant industry. Known as the Restaurant Revitalization Fund (RRF), these grants are aimed to help restaurants, bars, food trucks, and similar businesses get back on their feet as the country reemerges from the catastrophic effects of the pandemic.

While Newtek has no part in the application for or disbursement of these grants, as our valued client, we want to make you aware of these funds. Here are a few basics for you to know.

Who is eligible for the RRF?
  • Food service industry including restaurants, bars, food trucks, etc.
    that are...
  • Not publicly traded and…
  • Own/operate 20 or fewer locations
What can grant RRF funds be used for?
  • Payroll and paid sick leave
  • Payment of principal or interest on any mortgage obligation
  • Rent
  • Utilities
  • Maintenance and supply expenses
  • Food and beverage expenses that are within the scope of normal business operations
How do I apply?
  • The RRF will be administered directly by the SBA
While the application process for RRF has not opened yet, it is believed the SBA will do so within the next few weeks. We anticipate these funds will be highly sought after and go quickly, much like the first round of the Paycheck Protection Program loans.

If you are interested in applying with the SBA for an RRF grant, we strongly encourage you to gather your 2019 and 2020 receipts and financial statements now so you are ready to apply as soon as the SBA opens the application process.
Newtek Business Services Corp.