WASHINGTON (KTIV) - The Small Business Administration has announced it is taking applications for the Restaurant Revitalization Fund.
Established under the American Rescue Plan, the program provides a total of $28.6 billion in direct relief funds to restaurants and other hard-hit food establishments that have experienced economic hardship due to the COVID-19 pandemic.
“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,” said SBA Administrator Guzman.
According to the SBA, the program will provide restaurants with funding equal to their pandemic-related revenue loss of up to $10 million per business and no more than $5 million for each physical location.
“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. And we are committed to equity to ensure our smaller and underserved businesses, which have suffered the most, can access this critical relief, recover, and grow more resilient,” said Guzman.
The SBA says the funds received must be used for allowable expenses by March 11, 2023.
To begin the application process, click here. The SBA says if an applicant is working with a point-of-sale vendor, they do not need to register beforehand on the site.
For the first 21 days the program is open, the SBA says it will prioritize funding 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-serve basis.
All eligible applicants are encouraged to submit applications as soon as possible.