186,200 Apply to Restaurant Revitalization Fund in First Two Days
WASHINGTON, D.C. – In its first two days, the Small Business Administration’s Restaurant Revitalization Fund has seen 186,200 applications from all 50 states, Washington, D.C., and five U.S. territories.
“Our nation’s restaurants have been among the first and worst hit by this pandemic, which is why we’ve been working as fast as possible to meet businesses where they are and get this much-needed relief into their hands,” said SBA administrator Isabella Casillas Guzman in a statement. “As directed by Congress, we’re prioritizing historically underserved communities and smaller businesses to ensure this relief is going to those who need it the most. At the SBA, we know that our nation’s restaurants help propel our economy and sustain our neighborhoods and communities, and we will continue to work hard to ensure they get the resources they need to recover, rebuild and become resilient.”
Of the submitted applications, 97,600 came from business owned by women (46,400), veterans (4,200), socially and economically disadvantaged individuals (30,800) or a combination of all three (16,200).
In addition, 61,700 applications were businesses with less than $500,000 in revenue prior to the pandemic.
Approved applicants should expect an average of 14 days for processing, review, approval and funding. The program will remain open until all $28.6 billion allocated to it has been disbursed.
The Restaurant Revitalization Fund provides businesses with funding equal to their pandemic-related revenue loss up to $10 million per business and $5 million per location. Those receiving funds do not have to repay as long as the money is spent on approved uses by March 11, 2023.
Eligible businesses include restaurants, mobile food sites, caterers, bars, snack bars and licensed alcohol production sites where “the public may taste, sample or purchase products.” Also eligible are bakeries, brewpubs, breweries, wineries, distillers and inns, provided that on-site sales make up at least 33% of gross receipts.
Businesses that apply for Restaurant Revitalization Fund monies are not eligible for funds from the Shuttered Venue Operators Grant program, though they can apply for Economic Injury Disaster Loans. For those that received Paycheck Protection Program loans, the amount received through that program will affect the funding calculation for the Restaurant Revitalization Fund.
More information on applying for the Restaurant Revitalization Fund, including required documents, a program guide and application processing dates, is available HERE.
Ohio Small Business Development Centers and Ohio Minority Business Assistance Centers – housed locally at Youngstown State University (click HERE for more information) and the Youngstown Business Incubator (click HERE), respectively – are available to help with applications.
Copyright 2023 The Business Journal, Youngstown, Ohio.