PROVIDENCE – The U.S. Small Business Administration’s Restaurant Revitalization Fund will begin accepting applications on May 3 at noon, the SBA said Tuesday.
Applicants will be able to register on the SBA website starting April 30 at 9 a.m.
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The program will provide $28.6 billion in direct relief funds to restaurants and other hard-hit food establishments that experienced losses due to the COVID-19 pandemic. Eligible businesses include caterers, food stands, food trucks, food carts, bars, snack and nonalcoholic beverage bars, bakeries, brewpubs, breweries, wineries and inns, in addition to traditional restaurants.
Eligible businesses will be able to receive funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location, the SBA said. The minimum funding amount through the program is $1,000.
“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.
For the first 21 days of the program, the SBA will prioritize funding applications from businesses owned by women, veterans, and socially and economically disadvantaged individuals. Following that, all applications will be funded on a first-come, first-served basis. The application portal will remain available until the program’s funds are exhausted.
The funds from the program may be used for a range of business costs, including rent, payroll, business mortgage obligations, utility payments, maintenance costs, supplier costs, operating expenses, business supplies, the construction of outdoor seating and business debt service.
The SBA also noted that $9.5 billion in funds from the program is being set aside for small businesses.
More information about the program may be found online.
