The U.S. Small Business Administration will open online applications for the Restaurant Revitalization Fund at 11 a.m. today.
The $29 billion program, part of the federal American Rescue Plan legislation, 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. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023, according to the SBA.
To help business owners navigate the application process, the National Restaurant Association has posted a step-by-step guide.
The SBA also recently announced that any Employee Retention tax credit received in 2020 will not be counted against a restaurant’s eligible grant amount. Additional economic relief such as state/local grants, EIDLs, EIDL advance grants, and other support also will not count for a restaurant’s 2020 “gross receipts” calculation in 2020, Restaurant Business reports.
The Restaurant Revitalization Fund will be open for applications until the money runs out.
Get more information from the National Restaurant Association.