WASHINGTON, D.C. — Registration for the U.S. Small Business Administration’s Restaurant Revitalization Fund begins April 30 at 9 a.m.
Online applications for the fund open May 3 at noon. The online application “will remain open to any eligible establishment until all funds are exhausted,” according to a release.
“Restaurants are the core of our neighborhoods and propel economic activity on main streets across the nation,” SBA Administrator Isabella Casillas Guzman said in the release. “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.”
Established under the American Rescue Plan, 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 COVID-19 pandemic,” according to the release.
This program “provides funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location,” according to the release. Funds must be used for allowable expenses by March 11, 2023.
Businesses can register for an account at www.restaurants.sba.gov. The same website will be used to submit an application on May 3.
The SBA will, for the first 21 days the portal is open, prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. But all eligible applicants should submit applications as soon as the portal opens.
Eligible applications will be funded on a first-come, first-served basis after the first 21 days.