The Fund is now open!
Major assistance for a restaurant industry hammered by COVID-19 opened up yesterday with the Small Business Administration Restaurant Revitalization Fund.
Click here or on the logo above to learn more and to apply; while Paycheck Protection Program rules required restaurants to spend the majority of assistance on payroll, loans under this new program are more versatile and include fewer restrictions. Eligible venues include restaurants, bakeries, food trucks and stands, caterers, bars, and brewpubs and distilleries.
The $28.6 billion program, created under the American Rescue Plan Act signed into law in March, provides funding to help eligible restaurants keep their doors open by providing them with funding equal to their pandemic-related revenue loss; individual restaurants qualify for up to $5 million, while restaurant groups can qualify for up to $10 million, provided they are not publicly traded and have fewer than 20 locations.
The SBA has set aside $500 million to aid establishments making less than $50,000, $5 billion for food businesses earning no more than $500,000 a year, and $4 billion for mid-sized venues that take in between $501,000 and $1.5 million a year. The $26.8 billion is expected to go fast, so please apply as soon as possible if your business qualifies!
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