WASHINGTON, D.C. (WWTI) — Key details have been announced regarding the opening of the Restaurant Revitalization Fund.
Over the weekend, United States Small Business Administrator Isabella Casillas Guzman announced the official guidelines and application requirements for the Restaurant Revitalization Fund. Funding totaling $28.6 billion has been established for the Restaurant Revitalization Fund through the American Rescue Plan. The SBA will administer funds to the “hardest-hit small restaurants” throughout the country.
As described on the RRF’s details page, the program will provide restaurants with funding equal to pandemic-related revenue loss up to $10 million per business, and no more than $5 million per physical locations. Funding recipients will also not be required to repay the funding as long as funds are used by March 11, 2023.
This funding can be used for specific expenses. This includes:
- Business payroll costs, including sick leave
- Payment on any business mortgage obligation
- Business rent payment
- Business debt service, both principal and interest
- Business utility payments
- Business maintenance expenses
- Construction of outdoor seating
- Business supplies, including protective equipment and cleaning supplies
- Business food and beverage expenses, including raw materials
- Covered supplier costs
- Business operating expenses
SBA Administrator Guzman commented on this funding opportunity.
“We are starting the process to help restaurants and bars across the country devastated by the pandemic, and this is our message: Help is here,” stated Guzman. “With the launch of the Restaurant Revitalization Fund, we’re prioritizing funding to the hardest-hit small businesses; irreplaceable gathering places in our neighborhoods and communities that need a lifeline now to get back on their feet.”
According to the SBA, over the next two weeks, it will establish a seven-day pilot period for the RRF application portal and conduct outreach and training. The SBA stated that this pilot period will be used to address technical issues ahead of the application launch.
Additionally, following the pilot, the application portal will be open to the public. The SBA confirmed that the first 21 days of the program will focus on small businesses owned by women, veterans and socially economically disadvantaged individuals.
After the 21-days, all businesses and entities will be eligible to apply. Those who are eligible to apply for this funding include the following:
- Food stands, food trucks, food carts
- Bars, saloons, lounges, taverns
- Snack and nonalcoholic beverage bars
- Bakeries: Onsite sales to the public comprise of a minimum of 33% gross receipts
- Brewpubs, tasting rooms, taprooms: Onsite sales to the public comprise of a minimum of 33% gross receipts
- Wineries and distilleries: Onsite sales to the public comprise of a minimum of 33% gross receipts
- Inns: Onsite sales of food and beverages to the public comprise of a minimum of 33% gross receipts
- Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products
The officially Small Business Administration Restaurant Revitalization Fund application launch date will be announced at a later date.