Less than two weeks after the U.S. Small Business Association (SBA) began accepting Restaurant Revitalization Fund (RRF) grant applications, the SBA has started disbursing grants to “priority” businesses – i.e., businesses primarily owned by women, veterans and other socially and economically disadvantaged groups. The SBA is slated to start processing applications submitted by other restaurants on or around May 25, 2021. Judging by the time it took for the priority group to begin receiving grant funds, other restaurants should expect to start receiving grant funds in early June.
As businesses receiving RRF grants may use the grant funds only for approved expenses and will have to return any portion of the grant unused between February 15, 2020 and March 11, 2023, businesses should take care to plan out how their grant funds will be used.
The National Restaurant Association has published a handy guide to inform grant recipients of what they need to know in order to effectively, and legally, utilize the RRF grant funds.
* * *
If you have questions or would like additional information, please contact any of our Labor & Employment attorneys or the primary EGS attorney with whom you work.