If your business is in the food industry, applications are now being accepted for the Small Business Association’s Restaurant Relief Fund. The fund has $28.6 billion to support the hard-struck restaurant industry. Eligible businesses include restaurants, bars, food trucks, caterers, bakeries, and more. Here’s what you should know about the Restaurant Revitalization Fund:
- Businesses are eligible for funding equal to total revenue lost due to the pandemic up to $5 million per physical location and $10 million per business. You can determine revenue lost by subtracting 2019 income from 2020 income.
- If a business uses these funds for eligible purposes by March 11, 2023, the business is not required to repay.
- For the first 21 days, the program is open, the SBA will prioritize women-owned businesses, veteran-owned businesses, and owners who are socially or economically disadvantaged. If you do not fall into one of those groups, you should still register because applications will be considered on a first-come, first-serve basis. If you do fall into one of these groups, don’t delay!
- Apply through SBA-recognized Point of Sale (POS) vendors or directly via SBA using their online application portal https://restaurants.sba.govThe restaurant industry alone employed over 12 million people at the end of 2020 according to the National Restaurant Organization, so it only makes sense for the government to set aside funds to revive the industry. If you are in the food industry, it only makes sense for you to take advantage of this fund. It was designed for you.