The new Restaurant Revitalization Fund provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19. Here's the scoop:
What is it? The program will provide funding equal to the pandemic-related revenue loss up to $10 million per business. The money can be used for a wide range of eligible uses, including payroll, rent, utilities, maintenance, construction of outdoor seating, even food and beverage supplies. Recipients are not required to repay the funding as long as funds are used no later than March 11, 2023. So you can get money for your business and you don't have to pay it back!
Who is it for? RRF grants are for foodservice businesses that lost revenue during the pandemic. It's not only for restaurants, but also for bars, food trucks, bakeries, breweries and more.
When do I apply? Starting on Friday, April 30 at 9am Eastern, you can register for the SBA's portal. Applications can be submitted beginning on Monday, May 3 at noon Eastern. The earlier you submit your application, the better.
How do I apply? You have a couple of options:
You can apply directly on the SBA website. There are detailed instructions here.
You may want to engage a service to help you with the application. One agency we know is Asset Enhancement Solutions LLC. They are experts in the new program and can help ensure that your application is submitted quickly and accurately. There is a $1,750 fee for their services for most businesses. If you are interested, you can email them at [email protected] or fill in the form below and someone will contact you.
How can I learn more? The SBA has a website and a YouTube channel where you can learn more.