The U.S. Small Business Administration is opening Restaurant Revitalization Fund registration on Friday, at 9 a.m., and applications will open on Monday, at noon. Online applications will remain open to any eligible establishment until all funds are exhausted.
“Restaurants are the core of our neighborhoods and propel economic activity on main streets across the nation,” said SBA Administrator Isabella Casillas Guzman. “They are among the businesses hardest hit and need support to survive this pandemic. We want restaurants to know that help is here.”
Established under the American Rescue Plan and signed into law by President Joe Biden, the Restaurant Revitalization Fund provides $28.6 billion in direct relief funds to restaurants and other hard-hit establishments experiencing economic distress and significant operational losses due to the COVID-19 pandemic. This program provides 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. Funds must be used for allowable expenses by March 11, 2023.
“Recognizing the great urgency to help restaurants keep their doors open – and with a clear mandate from Congress – the SBA worked at a breakneck speed and is excited to launch this program,” said Patrick Kelley, SBA Associate Administrator, Office of Capital Access. “From day one, we engaged with diverse stakeholders in the food industry community to make sure we built and delivered the program equitably, quickly and efficiently.”
In preparation, the SBA recommends qualifying applicants familiarize themselves with the application process in advance to ensure a smooth and efficient application experience by:
– Registering at restaurants.sba.gov starting Friday, April 30, at 9 a.m.
– Reviewing the official guidance, including program guide, frequently asked questions and application sample
– Preparing the required documentation
– Working with a point-of-sale vendor or visiting restaurants.sba.gov to submit an application when the application portal opens (if any applicant is working with a point-of-sale vendor, they do not need to register beforehand on the site)
– Attending a live, recorded virtual training webinar on: Wednesday, April 28, at 1 p.m. or 2:30 p.m.
For the first 21 days that the program is open, the SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. All eligible applicants are encouraged to submit applications as soon as the portal opens. Following the 21 days, all eligible applications will be funded on a first come, first served basis.
SBA is taking steps to ensure the equitable distribution of relief, particularly for the smallest businesses, by creating a $9.5 billion set-aside:
– $5 billion for applicants with 2019 gross receipts of not more than $500,000
– $4 billion for applicants with 2019 gross receipts from $500,001 to $1,500,000
– $500 million for applicants with 2019 gross receipts not more than $50,000