CUMBERLAND — The U.S. Small Business Administration is opening Restaurant Revitalization Fund registration and applications. Online applications remain open to any eligible establishment until all funds are exhausted.
“Restaurants are the core of our neighborhoods and propel economic activity on main streets across the nation,” said SBA Administrator Isabella Guzman. “They are among the businesses hardest hit and need support to survive this pandemic. We want restaurants to know that help is here.”
The Restaurant Revitalization Fund provides $28.6 billion to cover significant operational losses due to the COVID-19 pandemic. The program provides 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.
“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,” said Patrick Kelley, SBA associate administrator, Office of Capital Access.
Applicants can register at sba.gov and review the official guidance to prepare the required documentation.
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. Then all eligible applications will be funded on a first-come, first-served basis.