The U.S. Small Business Administration in Guam will be having a free webinar today, April 22, on how to apply for the Restaurant Revitalization Fund, or RRF, which aims to provide funding to help restaurants and other eligible businesses keep their doors open.
SBA branch manager Ken Lujan will be providing updates today on availing of the RRF. Lujan has also confirmed with Saipan Tribune that businesses in the CNMI are eligible for this funding. CNMI restaurants are invited to RSVP to this event to learn more about the program and how to avail of funding. Registration is open to the first 100 registrants.
To register, go to: https://us06web.zoom.us/meeting/register/tZMvf-upqTMoHtHBfvGjUawlYm3augXA_YoI
The American Rescue Plan Act established the RRF. 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 11, 2023.
Currently, SBA is not accepting applications for RRF. However, you can prepare your application by reviewing the sample application, program guide, and cross-program eligibility chart on SBA COVID-19 relief options. You will be able to apply through SBA-recognized Point of Sale Restaurant Partners or directly via SBA in a forthcoming online application portal. Registration with SAM.gov is not required. DUNS or CAGE identifiers are also not required.
The official application launch date will be announced shortly. Ahead of the application launch and over the next two weeks, the SBA will establish a seven-day pilot period for the RRF application portal and conduct extensive outreach and training on how to apply, application requirements, and where to apply. Participants in this pilot will be randomly selected from existing PPP borrowers in priority groups for RRF and will not receive funds until the application portal is open to the public.
Following the pilot, the application portal will be opened to the public. For the first 21 days that the program is open, the SBA will prioritize reviewing applications from small businesses owned by women, veterans, and socially and economically disadvantaged individuals. Following the 21-day period, all eligible applicants are encouraged to submit applications. (PR)