Restaurant Revitalization Fund Application & Guidelines Announced
The Small Business Administration announced key details Saturday about application requirements, eligibility and a program guide for the Restaurant Revitalization Fund.
The restaurant industry has been among the hardest-hit sectors during the economic downturn caused by the COVID-19 pandemic. To help bring jobs back and revive the industry, the American Rescue Plan, signed into law by President Joe Biden, established the $28.6 billion Restaurant Revitalization Fund. The SBA will administer the funds to the hardest-hit small restaurants.
RRF 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 if funds are used for eligible uses no later than March 11, 2023.
“The site (www.sba.gov/restaurants) went live on Saturday with both a sample application and a program guide. We strongly encourage Vermont restaurants, brew pubs, food trucks, coffee shops, bars and all other potential applicants to look through this website and get their documents ready as it will be a very popular program. This is not a loan, it is a grant,” said Darcy Carter, SBA Vermont District Director.
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. The pilot period will be used to address technical issues ahead of the public launch. 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. The official application launch date will be announced at a later date. 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.
The groundwork for this announcement is the result of a comprehensive effort to reach out to diverse stakeholders to understand the needs and barriers restaurants face in accessing emergency relief aid.
“Today, we are starting the process to help restaurants and bars across the country devastated by the pandemic, and this is our message: Help is here. With the launch of the Restaurant Revitalization Fund, we’re prioritizing funding to the hardest-hit small businesses – irreplaceable gathering places in our neighborhoods and communities that need a lifeline now to get back on their feet,” said SBA Administrator Isabella Casillas Guzman. “And, thanks to clear directives from Congress, we’re rolling out this program to make sure that these businesses can meet payroll, purchase supplies, and get what they need in place to transition to today’s COVID-restricted marketplace.
Administrator Guzman emphasized, “We’re also focused on ensuring that the RRF program’s application process is streamlined and free of burdensome, bureaucratic hurdles – while still maintaining robust oversight. Under my leadership, the SBA aims to be as entrepreneurial as the entrepreneurs we serve – and that means meeting every small business where they are, and giving them the support needed to recover, rebuild and thrive.”
At all levels, the SBA will continue engaging with stakeholder communities to inform and design delivery of financial assistance programs. As the SBA builds and prepares to roll out the program, www.sba.gov/restaurants is the best source for up-to-date information for eligible restaurants interested in the RRF.
The Application for the 2021 round of Downtown and Village Center tax credits is now available!
Applications are due Thursday, July 1, 2021, and the Vermont Downtown Board will make its allocation decisions by mid-August.
See the attached program guidelines and application. I encourage all applicants to reach out to me with any questions about the program or the application.
Applicants are also encouraged to register for a FREE Downtown and Village Center Tax Credit Applicant Webinar, scheduled for May 11, 2021 at 10:00 AM.
Click on the link below to register. After registering, you will receive a confirmation email containing information about joining the webinar.
Along with basic information, the webinar will review the program’s scoring criteria which is used to evaluate and score applications. The webinar discusses sample responses and covers information about required attachments that must be submitted with every application. If you are unable to attend the live webinar, a recording will be made available on our website following this training.
Remember the deadline to apply for funding this year is July 1, 2021. Applications must be submitted electronically to caitlin..
There are many resources available to businesses interested, or already doing, business in the Pittsford Area. Regional, State and Federal programs have been developed to support and incentivize business activity in the Rutland region. We seek to be a resource to the community by promoting and growing business in the Town of Pittsford. We’ve placed the following organizations in three different categories: Regional, State, and Federal.
Chamber & Economic Development of the Rutland Region (CEDRR)
Revolving Loan Fund
To help fulfill this mission, CEDRR provides fixed-rate loans through its Revolving Loan Fund. CEDRR’s Revolving Loan Fund provides businesses with loans of between $5,000 – $150,000. As loans are repaid, they are reinvested by CEDRR in the form of new loans to other businesses. To learn more about REDC’s Revolving Loan Fund please see below.
Ready to learn more? Contact Tyler Richardson with questions.
Green Mountain Power Economic Development Incentive Program
Green Mountain Power (GMP) can offer
economic incentives to new or expanding commercial customers and can offer discounts that start at one level and
shrink, typically over five years. The exact details of the discount would depend on the customer load, expansion, etc.,
and the actual cost of providing the new service.
- Vermont Small Business Development Center (VtSBDC) – VtSBDC provides no-cost, confidential business advice and low-cost training services to all small businesses and new ventures in Vermont. For more information visit www.vtsbdc.org
- Agency of Commerce and Community Development (ACCD) – ACCD’s economic development staff can help you learn more about our strong workforce, walk you through the permitting process, connect you with local networks and share more about programs and capital and investment opportunities. The ACCD staff provides training, technical and financial assistance designed to enhance the local community and economic development programs and practices. For more information visit www.accd.vermont.gov
- Small Business Administration (SBA) – The U.S. Small Business Administration is an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns through a vast network of field offices located throughout North America. For more information visit http://www.sba.gov/category/navigation-structure/loans-grants
- Vermont Procurement Technical Assistance Center (VT PTAC) – VT PTAC is part of a network of Procurement Technical Assistance Centers throughout the US that share one common goal: to provide business with an understanding of the requirements of government contracting and the know-how to obtain and successfully perform federal, state, and local contracts. For small companies with an interest in selling to the government, VT PTAC is where to begin. For more information visit http://accd.vermont.gov/business/start/vtptac
- The Vermont Department of Labor receives money from the state legislature and the US Department of Labor to award grants in several workforce development categories. These grants are awarded on a first-come, first-serve basis to businesses who meet the criteria as outlined by the DOL. For more information please visit http://labor.vermont.gov/workforce-development/grant-information/
- University of Vermont Extension – The UVM Extension Center has many tools, seminars, and studies that will provide Vermont Business owners with the resources necessary to navigate Vermont’s business climate. For more information visit http://www.uvm.edu/extension/community/
- Vermont Manufacturing Extension Center (VMEC) – VMEC provides on-site confidential consulting, coaching, hands-on implementation assistance, and executive/workforce training to accelerate profitable growth through innovation, increase productivity, reduce costs and improve competitiveness. For more information visit www.vmec.org
- Women’s Small Business Program – Housed within the SBA, the Women’s Small Business Program offers mentoring, training, entrepreneur coaching, and workshops to women interested in starting and/or already operating a business. For more information visit http://vwbc.org/resources/
- Small Business Technology and Commercialization – The Small Business Innovation Research (SBIR) program is a highly competitive program that encourages domestic small businesses to engage in Federal Research/Research and Development (R/R&D) that has the potential for commercialization. Through a competitive awards-based program, SBIR enables small businesses to explore their technological potential and provides the incentive to profit from its commercialization. By including qualified small businesses in the nation’s R&D arena, high-tech innovation is stimulated and the United States gains entrepreneurial spirit as it meets its specific research and development needs. For more information visit http://www.sbir.gov/about/about-sbir, or contact Scott Holson at (802) 281-5236 or e-mail .
- Vermont Business for a Social Responsibility (VBSR)- VBSR provides educational and networking events lobbies at state and national levels, and manages the Local First VT campaign. VBSR also offers assistance with VT Health Exchange and coordinates a business intern program. For more information visit http://vbsr.org/intern_program/
- The Office of the Creative Economy (OCE)- The OCE has prioritized five focal areas for support: Film and New Media, Advertising and Marketing, Games and Software Development, the Manufacturing Arts, and Arts and Cultural Organizations. The OCE supports Vermont’s world-class creative talent through networking, research, and technical assistance. For more information visit: What is a Creative Economy?
- The Vermont Food Venture Center – The Vermont Food Venture Center is a multi-use processing facility, designed to give small Vermont food producers the opportunity to test their products in the marketplace without significant capital investments. Our three kitchens are available for rent and include equipment for baking, cooking, filling, and more. Dry and cold storage is also available at very reasonable rates. VFVC’s mission to support job creation, strengthen Vermont’s local food network and further build the agricultural economy. For more information visit http://www.hardwickagriculture.org/for-food-businesses/vermont-food-venture-center
- Vermont Farm and Forest Viability Program – Formed within the Vermont Housing & Conservation Board-The Vermont Farm & Forest Viability Program offers one-on-one, in-depth business planning, technical assistance and management coaching to Vermont farm, food and forestry enterprises in order to improve the economic viability of Vermont’s working landscape. For more information please visit http://www.vhcb.org/Farm-Forest-Viability/
Historically Underutilized Business Zones (HuBZone) –The Historically Underutilized Business Zones (HUBZone) program helps small businesses in urban and rural communities gain preferential access to federal procurement opportunities. In order to qualify for the HUBZone program, your business must be located in an area designated as a Historically Underutilized Business (HUB) Zone. See HuBZone maps at http://map.sba.gov/hubzone/maps/
Benefits to businesses include:
- Competitive and sole source contracting
- 10% price evaluation preference in full and open contract competitions, as well as subcontracting opportunities.
- The federal government has a goal of awarding 3% of all dollars for federal prime contracts to HUBZone-certified small business concerns.
Rural Economic Area Partnership Zones (REAP Zones) –The USDA developed REAP Zones to provide opportunities for community-based efforts aimed towards rural revitalization and community development. Priority consideration is given for REAP Zone applications submitted for funding through USDA Rural Development. Thus far $68 Million of investments have been made possible by REAP Zone designation, for more information go to http://www.rd.usda.gov/programs-services/rural-business-development-grants/vt
Economic Development Coordinator
Town of Pittsford
PO Box 10, 426 Plains Road
Pittsford, VT 05763
(802) 483-6500 ext. 17
(802) 483-6612 fax