- Restaurants and others in the food and beverage industry can register for a $28.6 billion grant program being managed by the U.S. Small Business Administration
- Applicants can receive grants of between $1,000 and $10 million
- Program aims to support a sector that suffered major revenue losses during COVID-19
Summary by Dirk Langeveld
The U.S. Small Business Administration has announced that it will begin accepting registrations for the Restaurant Revitalization Fund at 9 a.m. on April 30. The application portal will open at noon on May 3.
The $28.6 billion grant program, established under the American Rescue Plan, will assist businesses where “the public or patrons assemble for the primary purpose of being served food or drink.” Applicants can receive as little as $1,000 or as much as $5 million per individual location and $10 million for an applicant and their affiliates.
Funds received through the Restaurant Revitalization Program can be used for a variety of expenses, including payroll, rent, debt service, supplies, and construction of outdoor dining areas. A total of $9.5 billion is set aside for businesses with 2019 gross revenues of $1.5 million or lower.
The SBA will accept applications from all eligible businesses when the program opens. However, it is also enacting a 21-day period where it will prioritize the distribution of funds to applicants who have self-certified that they are women, veterans, or socially or economically disadvantaged individuals.
