Applications open for the $28.6 billion Restaurant Revitalization Fund
Wednesday, April 28, 2021
Skagit County restaurants can register for the SBA’s Restaurant Revitalization Fund on Friday, April 30 and apply for the grant Monday, May 3. The SBA will be issuing $28.6 billion in grant funds to restaurants impacted by the pandemic.
SBA Restaurant Revitalization Fund: The Facts
- A total of $26.8 billion will be awarded in grant funds
- Women-owned, veteran-owned and socially and economically disadvantaged individuals will be prioritized for the first 21 days
- Grant funds will be awarded until they are exhausted
- Restaurants can register on April 30th and apply on May 3
- 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
- Funds must be used for allowable expenses by March 11, 2023
- Contract set-asides are also part of this package, creating opportunities for small businesses to grow their revenue
Background: Why Focus on Restaurants
Established under the American Rescue Plan, and signed into law by President Joe Biden on March 11, 2021, 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.
“Restaurants are the core of our neighborhoods and propel economic activity on main streets across the nation. 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,” said Administrator Guzman. “The SBA has focused on the marketplace realities of our food and beverage businesses in designing the Restaurant Revitalization Fund to meet businesses where they are. And we are committed to equity to ensure our smaller and underserved businesses, which have suffered the most, can access this critical relief, recover, and grow more resilient.”
The SBA moved quickly to launch the program, said Patrick Kelley, SBA Associate Administrator, Office of Capital Access.
“From day one, we engaged with diverse stakeholders in the food industry community to make sure we built and delivered the program equitably, quickly, and efficiently.”
How to Apply for the SBA Restaurant Revitalization Fund
- Register for an account in advance at sba.gov starting Friday, April 30, 2021, at 6 a.m..
- Reviewing the official guidance, including program guide, frequently asked questions, and application sample.
- Preparing the required documentation.
- Work with a point-of-sale vendor or visiting 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 recorded virtual training webinar.
Help us to spread the word so that Skagit County restaurants can apply and receive the financial assistance they need to remain in operation.