Passage of the American Rescue Plan included the $28 billion Restaurant Revitalization Fund which will help thousands of small businesses across the country survive the devastating economic impact to the hospitality industry caused by the Covid-19 pandemic. The Small Business Administration is currently finalizing details for the application process and we will let you know when the application window opens.
The Restaurant Revitalization Fund is open to all in the hospitality industry, including taverns, restaurants, supper clubs and brew pubs. The goal of the program is to make small business whole for 2020 revenue, compared to 2019 revenue. For example, if Business A netted $500,000 in 2019 and $200,000 in 2020 they would be eligible for $300,000 from the Restaurant Revitalization Fund. You will need to work with your accountant to complete the forms once they become available.
The SBA just put out a detailed information guide for small businesses to review and begin preparation for applications. The application process is not yet open but will be soon—we will keep you posted.
SBA Restaurant Revitalization Fund Fact Sheet
What small business needs to know about the Restaurant Revitalization Fund