- Applications are now open for the Small Business Administration’s Restaurant Revitalization Fund grants.
The program, which launched May 3, aims to provide economic aid to restaurants and other foodservice establishments struggling to make ends meet as a result of the pandemic. It's now accepting applications.
In the two days since the program’s launch, the SBA has received more than 186,000 applications from restaurants and other food and beverage businesses in all 50 states and the District of Columbia.
According to the SBA, $28.6 billion are available via tax-free grants for eligible businesses. Restaurants and bars are eligible for economic aid equal to their pandemic-related revenue loss with a cap of $10 million per business and $5 million per location. The funds are available for uses including payroll and rent.
While all qualified businesses are allowed to apply, the SBA will prioritize applications from small businesses owned and controlled by women, veterans and economically disadvantaged individuals until May 24. After that time, all eligible applications will be funded on a first-come, first-served basis.
Of the total, $9.5 billion has also been set aside for the smallest restaurants and bars – including millions of dollars for restaurants, bars and food trucks with under $50,000 in revenue.
Interested and eligible business owners can download an application at the Small Business Administration’s website.