SBA to Open Restaurant Revitalization Fund Monday
YOUNGSTOWN, Ohio – The Small Business Administration will open registration for the Restaurant Revitalization Fund at 9 a.m. Friday, with application being accepted starting at noon Monday.
Registration and applications will be available at Restaurants.SBA.gov. The SBA is working with point of sale vendors Square, Toast, Clover and Aloha to offer applications through those services; businesses using Square or Toast do not need to register in the portal beforehand.
The $28.6 billion 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.
The SBA has hosted a pair of webinars on the program and the videos will posted to its YouTube channel soon.
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.
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