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Covid-19 Relief Program: Restaurant Revitalization Fund

 


Is your restaurant in need of help doing these challenging times? I want to share with you a new program that provides emergency assistance for eligible restaurants, bars, and other qualifying businesses. Applications are now open. 

The Restaurant Revitalization fund is being made available from the American Rescue Plan Act, and provides restaurants funding equal to their pandemic related revenue loss. The funds cover up to $10 million per business, and no more than $5 million per physical location. Recipients of the award do not have to repay the funds if all funds are used by March 11, 2023. 

Applicants can apply through SBA recognized point of scale (POS) vendors, or directly with SBA  https://restaurants.sba.gov  (Registration on this portal is not required if working with Square or Toast).

Please review this sample application for an idea of what is expected:https://www.sba.gov/document/sba-form-3172-restaurant-revitalization-funding-application-sample

Documentation required include verification for tax information, and gross receipts documentation. 

Applications must be submitted online. Priority groups are women, veterans or socially and economically disadvantaged. 

Funds can be used for

  • Business payroll costs (including sick leave)
  • Payments on any business mortgage obligation
  • Business rent payments (note: this does not include prepayment of rent)
  • Business debt service (both principal and interest; note: this does not include any prepayment of principal or interest)
  • Business utility payments
  • Business maintenance expenses
  • Construction of outdoor seating
  • Business supplies (including protective equipment and cleaning materials)
  • Business food and beverage expenses (including raw materials)
  • Covered supplier costs
  • Business operating expenses

For more information click here: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund#section-header-8



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