WASHINGTON, D.C. (WWTI) — On Tuesday, United States Small Business Administration Administrator Isabella Casillas Guzman announced that applications for the Restaurant Revitalization Fund will open next week.
Specifically, the SBA will begin registration for the funding opportunity on Friday, April 30, 2021 at 9 a.m. and open applications on Monday, May 3, 2021 at noon.
“Restaurants are the core of our neighborhoods and propel economic activity on main streets across the nation. They are among the businesses that have been hardest hit and need support to survive this pandemic. We want restaurants to know that help is here,” stated Guzman. “The SBA has focused on the marketplace realities of our food and beverage businesses in designing the Restaurant Revitalization Fund to meet businesses where they are.”
The Restaurant Revitalization Fund was established under the American Rescue Plan, which was signed into law on March 11, 2021. The fund provides a total of $28.6 billion in direct relief funds to restaurants and food establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic.
According to the SBA, the program 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.
The SBA added that the first 21 of the program will prioritize applications from businesses owned and controlled by women, veterans and socially and economically disadvantaged individuals. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.
Funding awarded from the Restaurant Revitalization Fund must be used for allowable expenses by March 11, 2023.