Applications for $28.6b Restaurant Revitalization Fund to open May 3

Small Business Administration (SBA) Administrator Isabella Casillas Guzman has announced the US SBA will start registrations April 30 at 6 AM PT and open applications May 3 at 9 AM PT for the $28.6 billion Restaurant Revitalization Fund.

All eligible establishments will be able to submit online applications until all funds are exhausted.

The Restaurant Revitalization Fund was established under the $1.9 trillion COVID-19 Stimulus Package, which was passed by the 117th US Congress and signed into law by President Joe Biden last month to help the country recover from the economic and health effects of the ongoing pandemic.

The $28.6b will be used to directly help restaurants and other hard-hit food establishments that have suffered financial trouble and major business interruptions due to the pandemic. Eligible restaurants will receive funding equal to the revenue loss they have suffered during the ongoing pandemic. Each restaurant, however, can receive funding only up to $10 million and no more than $5 million for each physical location. Businesses receiving these funds must use the money for allowable reasons by March 11, 2023.

Administrator Guzman said in a press release the SBA sent out, “Restaurants are the core of our neighborhoods and propel economic activity on main streets across the nation.”

She added, “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.”

Patrick Kelley, SBA associate administrator, Office of Capital Access, commented, “Recognizing the great urgency to help restaurants keep their doors open – and with a clear mandate from Congress – the SBA worked at a breakneck speed and is excited to launch this program.”

Business owners who are economically and socially disadvantaged, veterans and women will be given priority in the first 21 days that the program is open. After that, applicants will receive funding on the basis of first-come, first-served.

A $9.5b have been set aside, with $5b of that being for entrepreneurs with 2019 gross receipts of not more than $500k, $4b for businesspersons with 2019 gross receipts from $500+1k to $1.5 million and $500m for business owners with 2019 gross receipts of not more than $50k.

The SBA restaurant owner registration portal is accessible at https://restaurants.sba.gov.