The Small Business Administration has a new grant opportunity through the American Rescue Plan Act, the Restaurant Revitalization Fund, which is designed to help restaurants and other food service businesses keep their doors open. The fund will provide applicants with funding equal to their pandemic-related lost revenue. This is a grant, not a loan, so as long as funds are used for eligible purposes by March 11, 2023, no repayment is required.
To help ensure equity, this program is currently in a 21 day priority period where only applications for underserved priority groups are being processed; this priority period closes Friday, May 14th. The SBA has asked for NLC’s help in spreading the word to priority group entrepreneurs: businesses that are at least 51% owned by individuals who are women, veterans, or socially and economically disadvantaged. Applicants must self-certify on the application that they meet eligibility requirements. Socially disadvantaged individuals are those who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities. Economically disadvantaged individuals are those socially disadvantaged individuals whose ability to compete in the free enterprise system has been impaired due to diminished capital and credit opportunities as compared to others in the same business area who are not socially disadvantaged.
This funding is designed to support the small businesses, with $5 billion set aside for businesses with up to $500,000 in revenue, and another $4 billion for those with gross receipts up to $1.5M. $500 million is specifically set aside for businesses with no more than $50,000 in revenue. To reach these businesses, SBA has partnered with Point of Sale (POS) providers, including Square, Toast, Clover, NCR Corporation (Aloha), and Oracle, to accept applications. Business owners can also apply directly at https://restaurants.sba.gov/. Please help spread the word to food service businesses in your community, including restaurants, food trucks, caterers, bakeries, and brewpubs, that they may be eligible for funding that can help them cover operating expenses as well as construct outdoor seating and purchase supplies to help them continue to respond to the pandemic.
for more information: