Restaurants and bars hit by COVID-related shutdowns and dining bans can apply for a portion of a pool of $28.6 billion in direct grants to offset financial losses.
Businesses can register for federal Restaurant Revitalization Fund monies beginning Friday, and applications will be accepted beginning May 3, say officials with the Small Business Administration.
Owners of bars, restaurants, bakeries, food trucks or catering companies need to begin gathering documentation of losses and apply as quickly as possible since the funds will be disbursed on a first-come, first-served basis for qualifying businesses.
“Restaurants are the core of our neighborhoods and propel economic activity on main streets across the nation,” said Isabella Casillas Guzman, SBA administrator. “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.”
Businesses not eligible include those that have permanently closed, restaurants owned by publicly traded companies, although franchisees will be eligible, entities that own or operate more than 20 locations, businesses that have already received a shuttered venues grant or have an application pending and businesses that have filed bankruptcy.
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 physical location.
Qualifying businesses can use the grants for payroll, health care costs, rent and utilities, mortgage payments, outdoor dining modifications, supplier costs, operational expenses, paid sick leave, business-related credit card debt, principal left on Paycheck Protection Plan loans and more.
Registering for an account in advance at restaurants.sba.gov begins Friday at 8 a.m. CDT.
