The U.S. Small Business Administration (SBA) announced that it would begin accepting applicationson Monday, May 3, 2021, at noon EDT for the Restaurant Revitalization Fund. The online application will remain open to any eligible establishment until all funds are exhausted.
As part of the American Rescue Plan, the Restaurant Revitalization Fund provides a total of $28.6 billion in direct relief funds to bars, restaurants, and other food establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic. This program will provide bars and 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 by March 11, 2023. For more details, visit sba.gov/restaurants.
In preparation, the SBA recommends qualifying applicants familiarize themselves with the application process in advance to ensure a smooth application experience, specifically by:
- Registering for an account at restaurants.sba.gov
- Reviewing the official guidance, including program guide, frequently asked questions, and application sample.
- Preparing the required documentation.
- Working with a point-of-sale vendor or visiting restaurants.sba.gov to submit an application when the application portal opens. [Note: If an applicant is working with a point-of-sale vendor, they do not need to register beforehand on the site.]
- Attending a live training webinar. Register here
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: $5 billion for applicants with 2019 gross receipts of not more than $500,000; $4 billion is set aside for applicants with 2019 gross receipts from $500,001 to $1,500,000; and $500 million for applicants with 2019 gross receipts not more than $50,000.