Users' questions 

Does the restaurant Revitalization Fund have to be paid back?

Leia Doyle

Does the restaurant Revitalization Fund have to be paid back?

The fund will give restaurants money 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 funds as long as the money covers eligible uses no later than March 11, 2023.

How can I get free money from the government in Canada?

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  1. Get CERB while you can.
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How long does it take to get approved for restaurant Revitalization fund?

Approved applicants should expect an average of 14 days for processing, review, approval, and funds distribution, the SBA said.

Has anyone been approved for the restaurant Revitalization fund?

Only about 105,000 businesses were approved for grants, averaging just slightly above $272,000 per restaurant. The Small Business Administration prioritized these businesses’ applications for the first three weeks of the fund’s existence.

Can I get a grant to pay my bills?

Many states will provide assistance that can be used to help pay bills and debts. While they may not be called grants, the fact is you can still get help. Almost all of these are targeted at low to moderate income families. Find more on state assistance programs or state grants.

Who is eligible for RRF grant?

It can’t be operating under Chapter 7, 11, 12 or 13 bankruptcy. It must have a valid tax identification number (EIN, ITIN or SSN). You must own or operate 20 or fewer locations as of March 13, 2020. (Franchisees with more than 20 locations are eligible if the franchise is listed on the SBA Franchise Directory.)

Is the restaurant Revitalization fund first-come first serve?

After the first 21 days, the SBA will fund all eligible applications on a first-come, first-serve basis. Approved applicants should expect an average of 14 days for processing, review, approval, and funds distribution, the SBA said.

How much money is in the restaurant Revitalization fund?

Part of the Biden administration’s $1.9 trillion American Rescue Plan, the fund set aside $28.6 billion in grant money to keep restaurants afloat. “Independent restaurants lobbied hard for targeted economic relief,” the Washington Post announced in March.

Is Restaurant Revitalization fund taxable income?

Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023. …