Restaurant Revitalization Fund opening Friday
The U.S. Small Business Administration will begin registrations on Friday and open applications on Monday for the $28.6 billion Restaurant Revitalization Fund.
The online application will remain open to any eligible establishment — which includes restaurants, food trucks, caterers, bars, wineries, inns, breweries, bakeries and more — until all funds are exhausted.
Established under the American Rescue Plan, the Restaurant Revitalization Fund provides direct relief funds to restaurants and other hard-hit food establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic. The program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location.
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.
For more information, visit sba.gov/restaurants.