Restaurant Revitalization Fund Services
At KROST, we were in the forefront with our clients at the beginning to help them apply, and now we are here to help make sure you use the funds correctly and are complying with the SBA standards. To date, KROST has assisted more than 350 entities in obtaining and managing over $1 Billion in PPP loans, EIDL loans, and RRF grants. We also saved our clients over $200 million with PPP forgiveness.
What is the Restaurant Revitalization Fund?
The Restaurant Revitalization Fund was put in place as part of the American Rescue Act from March 2021. The SBA accepted applications from eligible entities in May of 2021 on a first-come, first-serve basis. A total of 278,304 restaurants were awarded $28.6 billion in grants. These funds provided much-needed assistance for establishments impacted by COVID-19.
Recipients of the Restaurant Revitalization Fund (RRF) have until March 11, 2023 to use the funds appropriately, to ensure grant forgiveness.
Entities that received RRF need to submit a Restaurant Revitalization Fund Program Post Award Report (SBA Form 3173) detailing how expenses were used. The SBA will require supplemental documentation to make sure the funds were used in accordance with program guidelines.
Eligible uses for the funds include:
• Business payroll costs (including sick leave)
• Business utility payments
• Business maintenance expenses
• Business supplies
• Business food and beverage expenses
• Covered supplier costs
• Business operating expenses (insurance, marketing, fees, licenses, legal, POS equipment, etc.)
• Construction of outdoor seating
• Expansion costs are ineligible
• Payments on any business mortgage obligation
• Business debt service (including PPP loan repayment)
If you have any questions regarding the Restaurant Revitalization Fund please contact us
Download a Copy of our RRF Services Handout
Connect with our RRF Experts
Questions in regards to RRF? Our dynamic team of experts are here to help. Contact us today to schedule an appointment.
If you are having trouble accessing your Restaurant Revitalization Fund (RRF), please follow the steps below. If you have not logged into your account through the Small Business Administration (SBA) portal, or it has been a while since your last log in, the SBA may have marked your account as “inactive”. In this case, you Read the full article…
The National Restaurant Association asked the Small Business Administration to disperse $180 million in leftover Restaurant Revitalization Funds to applicants who did not receive funds in a letter sent on July 27, 2022. The Restaurant Revitalization Fund, otherwise known as RRF, is a critical program recovery program created in response to the COVID-19 pandemic. The Read the full article…
Recipients of the Restaurant Revitalization Fund(RRF) have until March 11, 2023 to use the funds appropriately, to ensure grant forgiveness. Entities that received RRF need to submit a Restaurant Revitalization Fund Program Post Award Report (SBA Form 3173) detailing how expenses were used. The SBA will require supplemental documentation to make sure the funds were Read the full article…
The House on Thursday approved more than $40 billion in COVID-19 assistance for restaurant owners who applied but were unable to receive assistance from the federal Restaurant Revitalization Fund. The Restaurant Revitalization Fund depleted quickly as the number of applicants surpassed the number of available funds. Just after three weeks of launch, the fund aided Read the full article…
Congress passed a $28 billion recovery fund, estimated to be enough to fund roughly 100,000 grants for the restaurant industry. However, in just the first few days of launching it, the SBA received about 186,000 applications. In fact, the latest reporting indicates that the number has grown to 266,000 applications, requesting a total amount of Read the full article…
KROST is hosting an emergency webinar, How to Apply for the Restaurant Revitalization Fund, on Friday, April 30, at 10 am. Tuesday, April 27, 2021. The US Small Business Administration (SBA) announced today that applications for the Restaurant Revitalization Fund (RRF) would open, via their portal, at 9 am Pacific (12 pm Eastern) on Monday, Read the full article…
1. Introduction 2. Eligible Entities 3. Other Eligibility Criteria 4. Interaction of RRF with other SBA loans 5. Calculation of Funding Amount 6. Eligible Uses of Funds (Eligible Expenses) 7. Timeframe for Using Funds 8. Use of Funds Validation 9. How to Apply 10. Apply through SBA Restaurant Partners 11. Apply Directly through SBA 12. Read the full article…
We have rescheduled this webinar due to the delay in the release of the new regulations from the SBA, the new date is April 1st. The $1.9 trillion American Rescue Plan Act of 2021 (“ARPA”) is the second-largest government economic stimulus package in US history, coming a little less than a year after the $2.2 Read the full article…