The Small Business Administration (SBA) has just released details on the long-awaited Restaurant Revitalization Fund (RRF), which should bring much-needed financial relief to the local food & beverage industry.
Joe Rodola, who represents the SBA’s local affiliate in Redding, the Small Business Development Center (SBDC), tells the Chamber of Commerce that now is the time to get your “ducks in a row” in terms of preparing to submit an application for the RRF, which should open sometime in mid May.According to the SBA, the American Rescue Plan Act (most recent federal stimulus package) established the Restaurant Revitalization Fund to provide funding to help restaurants and other eligible businesses keep their doors 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 11, 2023.
There are three methodologies used to determine how much money a business may be eligible to receive. The simplest one is this:
2019 gross revenue minus 2020 gross revenue minus PPP loan amounts = eligible funding
For the other funding methodologies, please click HERE.
We are here to answer your questions, and to connect you with other local experts to guide you through the application process on the many funding options available at this time. Finally, we continue to work with our local governments to advocate for additional funding for business grants. All of this effort is our way of showing our continued dedication to the rapid recovery of businesses in the greater Redding area and Shasta County.
Jake Mangas
President & CEO
President & CEO
