Restaurants Hit By The Pandemic Now Have A Dedicated Program For Federal Relief Funds
As part of a nationwide effort to support restaurants impacted by Covid, the U.S. Small Business Association has launched the Restaurant Revitalization Fund, which provides emergency assistance for eligible restaurants, bars and other qualifying businesses impacted by the economic effects of the pandemic.
The official RRF application hasn’t been launched yet, but here is a sample you can review while preparing to submit for funds.
Eligible restaurant groups can get up to $10 million in matching funds equal to their pandemic losses, or up to $5 million per physical location. Recipients are not required to repay the funds as long as they use the money before March 11, 2023.
Here’s who can apply:
- Food stands, food trucks, food carts
- Bars, saloons, lounges, taverns
- Snack and nonalcoholic beverage bars
- Bakeries (onsite sales to the public comprise at least 33% of gross receipts)
- Brewpubs, tasting rooms, taprooms (onsite sales to the public comprise at least 33% of gross receipts)
- Breweries and/or microbreweries (onsite sales to the public comprise at least 33% of gross receipts)
- Wineries and distilleries (onsite sales to the public comprise at least 33% of gross receipts)
- Inns (onsite sales of food and beverage to the public comprise at least 33% of gross receipts)
- Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products
The comprehensive guide for the Restaurant Revitalization Fund can be found here.
The RRF is a separate initiative from the Payment Protection Program, another bucket from which qualifying restaurants will also be able to receive relief funding once the SBA has released details on how to apply.
You can sign up directly for SBA updates, or check back here for more information.
photo: iStockTags: ppp, rrf, sba