The American Rescue Plan created a $28.6 billion Restaurant Revitalization Fund (RRF), which restaurant franchise owners will be able to apply to for additional government aid. The RRF offers $28.6 billion in grants to hard-hit restaurants and bars, with restaurants able to apply for grants based on lost revenue. Additionally, $5 billion of that total will be set aside expressly for businesses with 2019 gross receipts of less than $500,000. Access the Chamber of Commerce article here. The International Franchise Association (IFA) also created a useful franchise FAQ that can be accessed here.
To access this program, the SBA says that a franchise brand must be on the SBA’s Franchise Directory and assigned a franchise identifier code by the SBA. The brand must also meet eligibility requirements, including a unit cap of 20 units or less and a 50% or higher ownership stake in the business.
If a brand is not listed on the Directory but wishes to access the fund, they must submit their Franchise Disclosure Document (FDD) and related contractual documents to firstname.lastname@example.org for an affiliation and eligibility determination. Find out more here or contact us at email@example.com.