On Monday, the Small Business Administration (SBA) will begin to accept applications for the Restaurant Revitalization Fund program at 9:00am PDT / 12:00pm EDT.
DUE TO HIGH DEMAND FOR THIS PROGRAM, THE SBA HAS OPENED THE PORTAL FOR EARLY REGISTRATION AND ENCOURAGES PROSPECTIVE APPLICANTS TO VISIT THE PORTAL HERE BEFORE THE PROGRAM KICKS OFF ON MONDAY.
As part of the Biden-Harris American Rescue Plan passed into law by the Democratic Congress, the $28.6 billion program will provide eligible restaurants and food and beverage establishments with grants equal to their pandemic-related revenue loss, up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as grants are used for eligible uses and no later than March 11, 2023.
Please note: For the first 21 days of the program, the SBA will prioritize applicants “from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals”. More information about the Restaurant Revitalization Fund can be found on the SBA’s website here.