SBA Announces Application Opening for Restaurant Revitalization Fund
We all know that restaurants have been and continued to be hit hard by COVID-19 restrictions. The Small Business Association will begin taking registrations on Friday, April 30th at 9 a.m. and applications on Monday, May 3, 2021 at noon for the Restaurant Revitalization Fun. The online application will remain open to any eligible restaurant until all funds are exhausted.
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 experience economic distress and significant operating losses due to COVID-19. The program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more that $5 million per physical address. Funds must be used for allowable expenses by March 11, 2023
The SBA recommends qualifying applicants familiarize themselves with the application process in advance and do the following
- Registering for an account in advance at sba.gov starting Friday, April 30, 2021, at 9 a.m. EDT.
- Reviewing the official guidance, including program guide, frequently asked questions, and application sample.
- Preparing the required documentation.
- Working with a point-of-sale vendor or visiting sba.gov to submit an application when the application portal opens. [Note: If an applicant is working with a point-of-sale vendor, they do not need to register beforehand on the site.]
- Attending a live recorded virtual training webinar.
1. Wednesday, April 28 | 1 p.m. EDT | Register here
2. Wednesday, April 28 | 2:30 p.m. EDT | Register here
For the first 21 days that the program is open, the SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. All eligible applicants are encouraged to submit applications as soon as the portal opens. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.
Thanks to the Bar Harbor Chamber of Commerce for sending the information