Applications will be accepted for the new Restaurant Revitalization Fund starting Monday, May 3, at noon. Established under the American Rescue Plan, the Restaurant RevitalizationFund 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.
The online application will remain open to any eligible establishment until all funds are exhausted. More information, including how businesses can create a registration account for the new fund, is available online at restaurants.sba.gov.
“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 Casillas Guzman in a statement. “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.”
This 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. Funds must be used for allowable expenses by March 11, 2023.