Restaurants can apply to the U.S. Small Business Administration's $28 billion Restaurant Revitalization Fund from May 3.
The registration process opens April 30, with the SBA accepting fund applications from noon May 3.
The SBA’s restaurant revitalization program provides funding equal to pandemic-related revenue losses 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.
SBA Administrator Isabella Casillas Guzman said restaurants “are among the businesses that have been hardest hit and need support to survive this pandemic. We want restaurants to know that help is here.”
For the first 21 days, the SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged persons.
After 21 days, all eligible applications will be funded on a first-come, first-served basis.
Eligible applicants are encouraged to apply as soon as the application site opens.
Applicants working with a point-of-sale vendor do not need to register.
The online application will remain open to any eligible establishment until all funds are exhausted.
In preparation, the SBA recommends that qualifying applicants:
- Register for an account starting April 30
- Review the official guidance, including program guide, frequently asked questions, and application sample
- Prepare the required documentation
Applicants will be asked to provide tax documents including business tax returns, IRS forms, and point of sale reports.
Brew pubs, tasting rooms, taprooms, breweries, wineries, distilleries, and bakeries must provide documents showing that onsite sales to the public comprise at least 33% of gross receipts for 2019, which may include Tax and Trade Bureau forms 5130.9 or TTB.
For these businesses that opened in 2020, the applicant’s original business model should have contemplated at least 33% of gross receipts in onsite sales to the public.
Applicants that are an inn must provide documents showing that onsite sales of food and beverage to the public comprise at least 33% of gross receipts for 2019.
For inns that opened in 2020, the applicant’s original business model should have contemplated at least 33% of gross receipts in onsite sales to the public.
The SBA said it is taking steps to ensure fair distribution of the funds, including to the smallest of businesses, by creating a $9.5 billion set-aside that has:
- $5 billion for applicants with 2019 gross receipts of not more than $500,000
- $4 billion for applicants with 2019 gross receipts from $500,001 to $1,500,000
- $500 million for applicants with 2019 gross receipts not more than $50,000