Applications Open for $ 28.6 Billion Restaurant Revitalization Fund | Business

HUNTINGTON – Open applications will begin at noon Monday for the Restaurant Revitalization Fund, a federal program to help 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 qualifying institution until all funds are depleted, according to Isabella Casillas Guzman, administrator of the Small Business Administration.

“Restaurants are at the heart of our neighborhoods and propel economic activity on the main streets of the country. They are among the hardest hit companies and need support to survive this pandemic. We want restaurants to know the help is there, ”Guzman said in a press release. “The SBA has focused on the market realities of our agri-food businesses by designing the Restaurant Revitalization Fund to respond to businesses where they are located. And we’re committed to fairness to ensure that our smaller, underserved businesses, who have suffered the most, can access this critical relief, recover and become more resilient.

Established as part of the US bailout and promulgated by President Joe Biden on March 11, the Restaurant Revitalization Fund provides a total of $ 28.6 billion in direct relief funds to hard-hit restaurants and other food establishments that have experienced economic distress and major operations. losses due to the COVID-19 pandemic, the statement said.

“This program will provide restaurants with funding equal to their lost revenue from the pandemic of up to $ 10 million per business and no more than $ 5 million per physical location,” the statement said. “Funds must be used for eligible expenses by March 11, 2023.”

In preparation, the ASB recommends that eligible applicants familiarize themselves with the application process in advance to ensure a smooth and efficient application experience, including by:

  • Create an account in advance on restaurants.sba.gov.
  • Review official guidelines, including the program guide, frequently asked questions, and a sample application.
  • Prepare the required documentation.
  • Work with a point of sale provider or visit restaurants.sba.gov to submit an application for opening the application portal. If a candidate works with a point-of-sale salesperson, they do not need to pre-register on the site.
  • Attended a live recorded virtual training webinar on Wednesday May 5th.

During the first 21 days of the program, the SBA will prioritize applications for funding from businesses owned and controlled by women, veterans, and the socially and economically disadvantaged. All eligible applicants are encouraged to submit applications as soon as the portal opens. After the 21 days, all eligible requests will be funded on a first come, first served basis.

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