Update: April 28, 2021:
The SBA has announced that the Restaurant Revitalization Fund portal will accept applications beginning Monday, May 3rd at noon.
· Eligible businesses can submit an application online via the application portal or via an SBA-recognized Point of Sale (POS) vendor.
o If a business is submitting via the application portal, they need to register first. Registration for the SBA application portal will begin this Friday, April 30, at 9 am.
o If a business has an existing relationship with a POS vendor, they should reach out directly to their vendor to apply. Participating vendors include Square, Toast, Clover, and NCR Corporation (Aloha).
· SBA will offer two webinars today (Wednesday, April 28th) to cover program details and how to submit an application – one in English (2:30 pm) and one in Spanish (10 am). The SBA Massachusetts District Office will hold a session with the Office of Senator Markey, Massachusetts Restaurant Association, and Mass Restaurants United tomorrow, April 29th at 3 pm. In addition, SBA has put together a Knowledge Base page with responses to frequently asked questions.
· Businesses can use this sample application form to prepare their information ahead of submission; they should not submit these sample forms to SBA, but use them to guide preparation for when applications do open next week.
The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses remain open. 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. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11th, 2023.
While the applications have not yet opened up, they have released information early to help businesses understand the program better. You can view this helpful Fact Sheet to learn more.
Town Planner & Economic Development Director Eric Salerno is available to answer any questions by calling 978-649-2300 x159 or by emailing [email protected]