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SBA Announces Application Opening for $ 28.6 Billion Restaurant Revitalization Fund



  Restaurant Resuscitation Fund Today we share news from the Westchester County Board of Legislators …

Small Business Administration (SBA) will begin registering Friday, April 30, 2021 at 9 a.m. EDT and open applications Monday, May 3, 2021 at . 12.00 EDT for the restaurant's revitalization fund. The online application will remain open to all eligible facilities until all funds have been exhausted.

Established under the U.S. 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 aids to restaurants and other hard-hit food establishments that have experienced financial hardship and significant operating losses due to the COVID-19 pandemic. This program will provide restaurants with funding equivalent to their pandemic-related revenue loss of up to $ 10 million per business and a maximum of $ 5 million per physical location. Funds must be used for eligible expenses by March 11, 2023.

In preparation, the SBA recommends that qualified applicants familiarize themselves with the application process in advance to ensure a smooth and effective application experience, in particular by reporting in advance on restaurants.sba.gov from and with Friday, April 30, 2021, at 09 EDT.

  • Review the official guide, including program guide, frequently asked questions, and application examples.
  • Work with a point of sale or visit restaurants.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.]
  • Participate in a live-recorded virtual training webinar.
  • During the first 21 days of the program, the SBA will prioritize funding applications from companies owned and controlled by women, veterans and socially and economically disadvantaged individuals. . All eligible applicants are invited to submit applications as soon as the portal opens. After the 21 days, all eligible applications will be funded on a first-come, first-served basis.

    For more information, visit sba.gov/restaurants. [1965904] Send this email to family and friends who may be interested in this information.


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