The U.S. Small Business Administration (SBA) will begin registrations on April 30 and open applications May 3 for the Restaurant Revitalization Fund. The online application will remain open to any eligible establishment until all funds are exhausted.
Established under the American Rescue Plan, the Restaurant Revitalization Fund provides $28.6 billion in 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. This 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. Funds must be used for allowable expenses by March 11, 2023.
The SBA recommends qualifying applicants familiarize themselves with the application process in advance to ensure a smooth and efficient application experience, specifically by registering for an account in advance starting at 8 a.m. April 30.
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.
Consistent with the legislation and the intent of Congress, the SBA continues to take steps to ensure the equitable distribution of relief, particularly for the smallest businesses, by creating a $9.5 billion set-aside.