WASHINGTON, D.C. (KCAU) – The U.S. Small Business Administration has open applications on Monday for the Restaurant Revitalization Fund.
The fund was established under the American Rescue Plan and signed into law by President Biden on March 11.
The Restaurant Revitalization Fund provides a total of $28.6 billion in direct relief funds to restaurants and other hard-hit food establishments that have experienced economic distress and significant operational losses due to the 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 Isabella Guzman.
The SBA said 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 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 Administrator Guzman.
Officials said the online application will remain open to any eligible establishment until all funds are exhausted. The 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.”
According to the SBA, the first 21 days the program is open, they will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals.
After 21 days, all eligible applications will be funded on a first-come, first-served basis. Officials said all eligible applicants are encouraged to submit applications as soon as possible.
For more information, click here for the Restaurant Revitalization Fund application.