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MAT Staff May 7, 2021

Apply Now: SBA Restaurant Revitalization Fund

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Applications are now being accepted for the Restaurant Revitalization Fund, a $28.6 billion program to aid restaurants, bars, food trucks, and other food and drink establishments. The Restaurant Revitalization Fund, established by the American Rescue Plan and administered by the Small Business Administration, aids eligible restaurants and bars in receiving grants equal to their pandemic-related revenue loss, with a cap of up to $10 million per business and up to $5 million per location. The minimum award is $1,000.

 

Eligible entities include:

  • Restaurants
  • Food stands, food trucks, food carts
  • Caterers
  • Bars, saloons, lounges, taverns
  • Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products
  • Other similar places of business in which the public or patrons assemble for the primary purpose of being served food or drink
  • Snack and nonalcoholic beverage bars
  • Bakeries
  • Brewpubs, tasting rooms, taprooms
  • Breweries and/or microbreweries
  • Wineries and distilleries
  • Inns

 

All small businesses are welcome to apply for assistance; however, for the first 21 days of the program, the SBA will prioritize funding applications for priority groups. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.

 

Priority Groups include:

A small business that is at least 51% owned by one or more individuals who are:

  • Women
  • Veterans
  • Socially and economically disadvantaged individuals

 

Funding may be used for specific expenses including:

  • Business payroll costs (including sick leave)
  • Payments on any business mortgage obligation
  • Business rent payments (note: this does not include prepayment of rent)
  • Business debt service (both principal and interest; note: this does not include any prepayment of principal or interest)
  • Business utility payments
  • Business maintenance expenses
  • Construction of outdoor seating
  • Business supplies (including protective equipment and cleaning materials)
  • Business food and beverage expenses (including raw materials)
  • Covered supplier costs
  • Business operating expenses

 

Set Asides include:

  • $5 billion is set aside for applicants with 2019 gross receipts of not more than $500,000
  • $4 billion is set-aside for applicants with 2019 gross receipts from $500,001 to $1,500,000
  • $500 million is set-aside for applicants with 2019 gross receipts of not more than $50,000

 

Applications are now open with no deadline to apply. SBA will continue accepting applications subject to availability of funds. Appropriations will remain available until expended.

 

 

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