Resource Roundup: The SBA's Restaurant Revitalization Fund will open apps soon - Technical.ly Philly

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Resource Roundup: The SBA’s Restaurant Revitalization Fund will open apps soon

Plus, a 10,000 Small Businesses info session and other biz-boosting programs to keep your eye on this week.

Yum.

(Photo by Flickr user Pan Pacific, used under a Creative Commons license)

This is Resource Roundup, a look at open applications for business and career-building programs, funding and other opportunities around the region. Want to share a new resource for entrepreneurs and technologists? Email us at philly@technical.ly.


The highly anticipated Restaurant Revitalization Fund (RRF) is soon to open. A U.S. Small Business Administration (SBA) announcement last week included details about the requirements and eligibility and a program guide. The American Rescue Plan, signed by President Joe Biden, established the $28.6 billion RRF to be administered by the SBA. Read full details of the fund here.

The SBA didn’t yet give a date applications will open, but said “over the next two weeks, the SBA will establish a seven-day pilot period, ahead of the public launch, to conduct outreach and training.”

When applications open, the program will offer restaurants funding equal to their pandemic-related revenue loss, up to $10 million per business and no more than $5 million per location, the SBA said. Recipients will not need to repay this funding as long as it’s used for “eligible uses” before March 11, 2023. The SBA will be first opening the application to a priority group — women, veterans, and socially and economically disadvantaged business owners — for 21 days. After that, the application will open to everyone.

Paired with the Restaurant Revitalization Fund is an initiative that allows qualifying restaurants to work directly with their point-of-sale service providers for help applying for the RRF. This help could come in the form of providing a fully integrated application experience, pre-packaged point-of-sale documentation or interactive webinars, the SBA said Thursday. The first POS systems on board are Clover, NCR Corporation, Square and Toast, with more to come.

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10,000 Small Businesses info session

PIDC is partnering on an info session with Goldman Sachs on its program 10,000 Small Businesses, designed to help entrepreneurs looking toward growth or “a timely pivot.” Businesses owners can join a cohort lunching this fall to meet with subject matter experts, as well as access to peer learning, networking and funding.

The 13-week, (currently) virtual course has an aim of job creation and encourages the business owner to “work strategically on their business, and not work ‘in’ their business,” the program said.

The application deadline for the fall cohort is May 27, 2021. Register here to join the first info session on Tuesday, April 27, at 9:30 a.m., and register here to join one on Friday, May 7, at 12:30 p.m.

Paycheck Protection Program extended

The second round of the Paycheck Protection Program has been officially extended through May 31. President Joe Biden signed legislation on March 30 that will provide another two months of time to apply for the forgivable business loans. Then, the federal government will have until June 30 to process any backlogged apps.

This comes after the program was relaunched in 2021, with the opportunity for businesses to get a second loan, and initial data indicates more than $1 billion in loans have been approved for Pennsylvania businesses, the SBA said in January, after the program had only reopened a few weeks.

Funding for Southwest Philadelphia’s small businesses

Re-upping this timely resource from last week’s roundup: The deadline to apply for lender M&T Bank’s $250,000 grants program designed for small businesses in Southwest Philadelphia is April 30.

The grant will help businesses adapt COVID-19 safety protocols or improvements needed to meet the standards of the Storefront Improvement Program, or cover operating expenses and hire employees. Grants between $5,000 and $15,000 will be given to businesses in the 19142, 19143 and 19153 Southwest Philadelphia ZIP codes that have operated since Jan. 1, 2019 and make $500,000 annually or less.

Applicants can submit their application online or in person at the Southwest Philadelphia M&T branch at 6301 Woodland Ave., African Cultural Alliance of North America’s offices at 5530 Chester Ave. or Southwest Community Development Corp. at 6328 Paschall Ave.

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