SBA Administrator Isabella Casillas Guzmaz today announced the U.S. Small Business Administration will begin registrations on Friday, April 30, 2021, at 9 a.m. EDT and open applications on Monday, May 3, 2021, at noon EDT for the Restaurant Revitalization Fund. The online application will remain open to any eligible establishment until all funds are exhausted.
Established under the American Rescue Plan, the Restaurant Revitalization Fund provides a total of $28.6 billion in direct relief funds to restaurants and other hard-hit food establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Funds must be used for allowable expenses by March 11, 2023.
In preparation, the SBA recommends qualifying applicants familiarize themselves with the application process in advance to ensure a smooth and efficient application experience, specifically by:
- Registering for an account in advance at restaurants.sba.gov starting Friday, April 30, 2021, at 9 a.m. EDT.
- Reviewing the official guidance, including program guide, frequently asked questions, and application sample.
- Preparing the required documentation.
- Working with a point-of-sale vendor or visiting 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.]
- Attending a live recorded virtual training webinar.
- Tuesday, April 27 | 2:30 p.m. EDT | Register here
- Wednesday, April 28 | 1 p.m. EDT | Register here
- Wednesday, April 28 | 2:30 p.m. EDT | Register here
For the first 21 days that the program is open, the SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. All eligible applicants are encouraged to submit applications as soon as the portal opens. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.
Consistent with the legislation and the intent of Congress, the SBA continues to take steps to ensure the equitable distribution of relief, particularly for the smallest businesses, by creating a $9.5 billion set-aside: $5 billion 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; and $500 million for applicants with 2019 gross receipts not more than $50,000.
About the Restaurant Revitalization Fund
- $10 million cap per grant
- $5 million limit per physical location
- Must have 20 or fewer establishments
- Must certify economic necessity
- Not subject to income tax
- Federal tax deductions protected
- Cannot be publicly traded
- Cannot apply if previously applied to Shutter Venue Grant
Eligible Business Types
- Restaurant
- Food Truck, Cart, Stand
- Caterer
- Bar
- Lounge
- Inn
- Tavern
- Saloon
- Bakery
- Brewery
- Winery
- Tasting Room
Allowable uses
- Payroll costs
- Payment of principal or interest on any mortgage obligation
- Rent payments
- Utilities
- Maintenance, including new outdoor seating construction
- Supplies, including PPE and cleaning materials
- Food and beverage inventory
- Covered supplier costs
- Operational expenses
- Paid sick leave
- Any other expenses SBA says is essential to maintain operations
Covered Period
- Between February 15, 2020 and December 31, 2021