The program provides emergency assistance to eligible restaurants, bars and other businesses affected by the COVID-19 pandemic.
The American Rescue Plan Act established the fund.
“With the launch of the Restaurant Revitalization Fund, we’re prioritizing funding to the hardest-hit small businesses — irreplaceable gathering places in our neighborhoods and communities that need a lifeline now to get back on their feet,” said SBA Administrator Isabella Casillas Guzman.
The Restaurant Revitalization Fund has $28.6 billion to assist restaurants and similar businesses in this challenging time. Its goal is to help these businesses remain open.
Restaurants can request funds “equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location,” per the program’s webpage. The minimum award is $1,000.
Funds do not need to be paid back if used to cover eligible expenses before March 11, 2023. The list of qualified expenses includes payroll, mortgage or rent, debt and interest payments, maintenance, construction of outdoor tables, costs for protective equipment and more.
The SBA offers assistance in completing the application at 1-844-279-8898, Monday through Friday, from 8 am to 8 pm EST. District offices can help applicants as well.
To receive these assistance funds, businesses must fall under the official designation of a restaurant, food stand, food truck or food cart. Banquet or catering services; bars, saloons, lounges, pubs and taverns; pâtisseries and bakeries; breweries, wineries and distilleries are eligible, too. Some inns may also request aid. The administration’s website provides more details on who can apply for these funds and what documentation is required.
For the first 21 days of the program, the SBA will accept applications from all companies within these categories but will only process those from the groups listed as a priority, which are “small businesses owned by women, veterans, and socially and economically disadvantaged individuals,” according to the Small Business Administration’s press release.
The agency will allocate funds until they are depleted. These include $5 billion for applicants with gross income in 2019 not to exceed $500,000; $4 billion for applicants with 2019 gross income of $500,001 to $1,500,000; and an additional $500 million for applicants with gross income in 2019 not to exceed $50,000.
The agency has announced the program launch date for May 3. Applications will be accepted beginning April 30.
¿Que es el Fondo de Revitalización de Restaurantes? was first published in Negocios Now.
(Translated and edited by Gabriela Olmos; edited by Kristen Butler)
The post COVID-19 Relief Program: Restaurants Could Receive Funds Up To $10 Million appeared first on Zenger News.