Registration for the U.S. Small Business’s Restaurant Revitalization Fund will begin on Friday, April 30, and the application portal will open on May 3.
The Restaurant Revitalization Fund provides a total of $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 location. Funds must be used for allowable expenses by March 11, 2023.
Registration for the application process will open at 8 a.m. Central on Friday, and the online application portal will open at 11 a.m. on May 3.
“Restaurants are the core of our neighborhoods and propel economic activity on main streets across the nation,” said Isabella Casillas Guzman, administrator of the SBA. “They are among the businesses that have been hardest hit and need support to survive this pandemic. We want restaurants to know that help is here.”
SBA is recommending applicants to prepare for applying by, among other things, gathering all necessary tax information and familiarizing themselves with the program guide and frequently asked questions, found on SBA’s website.
Applicants will need to register at restaurants.sba.gov, starting Friday, April 30, at 8 a.m. Restaurant owners that are applying through a point-of-sale vendor do not need to register beforehand.
Three application webinars will be held to walk applicants through the application. Webinar dates are: Tuesday, April 27, at 1:30 p.m. (Register), Wednesday, April 28, at 12 p.m. (Register) and Wednesday, April 28, at 1:30 p.m. (Register). The presentations will be recorded for future reference.
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.