What does RRF mean in FUNDS
The RRF is a US federal grant program established to provide financial assistance to restaurants, bars, and other eligible businesses impacted by the COVID-19 pandemic. It was created under the American Rescue Plan Act of 2021.
RRF meaning in Funds in Business
RRF mostly used in an acronym Funds in Category Business that means Restaurant Revitalization Fund
Shorthand: RRF,
Full Form: Restaurant Revitalization Fund
For more information of "Restaurant Revitalization Fund", see the section below.
Essential Questions and Answers on Restaurant Revitalization Fund in "BUSINESS»FUNDS"
What is the Restaurant Revitalization Fund (RRF)?
Who is eligible for the RRF?
Eligible entities include restaurants, food stands, food trucks, caterers, bars, lounges, saloons, inns, taverns, breweries, wineries, distilleries, and other similar businesses. They must have been in operation on January 1, 2020, and have experienced a pandemic-related revenue loss of at least 20% in 2020 compared to 2019.
How much funding is available through the RRF?
The total funding available through the RRF is $28.6 billion. Grants are provided in the form of tax-free awards, with a maximum award amount of $10 million per business and $5 million per physical location.
What expenses can the RRF funds be used for?
The funds can be used for a wide range of eligible expenses, including payroll, rent or mortgage payments, utilities, maintenance, supplies, and operational costs. Funds cannot be used for debt repayment, shareholder dividends, or lobbying activities.
How do I apply for the RRF?
The application process for the RRF is conducted through the Small Business Administration (SBA). Eligible businesses can apply online at the SBA website. The application window opens on May 3, 2021, and remains open until funds are exhausted.
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