U.S. Small Business administration officials are accepting Restaurant Revitalization Fund applications for money available under the American Rescue Plan Act to help eateries keep their doors open through the pandemic.
Restaurant owners may apply for funds equal to their pandemic-related revenue loss up to $10 million. As long as the money is used for eligible expenses by March 11, 2023, the funds do not have to be repaid.
Eligible entities include restaurants, food stands, food trucks, food carts, caterers, bars, saloons, taverns, snack and nonalcoholic beverage bars, bakeries, and other establishments.
RRF funds may be used for specific expenses including payroll, mortgage and rent payment, debt services, utility payments, maintenance expenses, construction of outdoor seating, business supplies, business food and beverage expenses, covered supplier costs, and operating expenses. Prior is being given to small businesses with at least 51% ownership by women, veterans or socially and economically disadvantaged individuals.
The SBA has made a sample application and program guide available on the RRF website, listed the verification documents that are required with the application, and provided details on the RRF program and process. More information can be found at cdv.tiny.us/restaurant.
