Registration for the Restaurant Revitalization Fund, a $28.6 billion effort from the Small Business Administration opens Friday at 9 a.m. EST, which will give foodservice owners the chance to apply for much-needed funding following restaurant shutdowns, capacity limits and staff cuts during the COVID-19 pandemic. Applications will officially open up Monday and will provide grants to restaurant owners who suffered major revenue losses.
Restaurants, food carts and food trucks along with bars, bakeries and wineries (both with onsite sales of at least 33% of gross receipts) and inns will be able to apply for the funding. Each business will be able to apply for grants of up to $10 million, according to the SBA guidelines.
The SBA will prioritize funding during the first 21 days of the program to businesses owned and controlled by women, veterans and those who are socially and economically disadvantaged. After that, applications will be funded on a first-come, first-served basis, the SBA said on its website.
Where restaurants can apply the funds:
Restaurant owners can use awarded grants for business payroll costs including sick leave, mortgage payments on the foodservice location, utility payments and maintenance expenses along with the construction of outdoor seating. Operators may also use the funding for business supplies such as cleaning materials and other operating expenses.
How to apply:
Restaurants can apply via the online application portal which goes live Monday at noon EST or through the SBA-recognized Point of Sale (POS) vendors.
Applicants will need to have verification for tax information including an IRS Form 4506-T in addition to gross earnings documentation. For more information visit SBA.gov.