As a result of the profound impact COVID-19 had on the restaurant industry and related food businesses, the American Rescue Plan Act established the Restaurant Revitalization Fund to help restaurants and other eligible businesses keep their doors open.
Registration for the fund began at 6 a.m. today, and the U.S. Small Business Administration will begin accepting applications at 9 a.m. Monday. The application portal will remain open to any eligible establishment until all funds are exhausted.
Funds 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. Recipients don’t have to repay the funding as long as their funds are used on eligible items no later than March 11, 2023.
Eligible entities include: restaurants; food stands, food trucks, food carts; caterers; bars, saloons, lounges, taverns; snack and nonalcoholic beverage bars; and the following when onsite sales to the public comprise at least 33% of gross receipts: bakeries; brewpubs, tasting rooms, taprooms; breweries and/or microbreweries; wineries and distilleries; and inns, along with any licensed facilities or premises of a beverage alcohol producer where the public may taste, sample or purchase products.
Allowable use of funds include: business payroll costs (including sick leave); payments on any business mortgage obligation; business rent payments (not including prepayment of rent); business debt service (both principal and interest; not including any prepayment of principal or interest); business utility payments; business maintenance expenses; construction of outdoor seating; business supplies (including protective equipment and cleaning materials); business food and beverage expenses (including raw materials); covered supplier costs; and business operating expenses.
Entities can apply through SBA-recognized point of sale vendors or directly via SBA in the online application portal: https://restaurants.sba.gov, but entities are encouraged not to apply until the portal opens on Monday at 9 a.m. However, businesses can prepare applications with the sample application form available on the same website.