Help is coming
As America continues efforts to recover from the financial consequences related to the Covid-19 pandemic, some help is on the way for qualifying restaurants. Thanks to the Restaurant Revitalization Program, the U.S. Small Business Administration will be awarding funding to restaurants, bars, and similar food-and-drink-service businesses that meet eligibility requirements. This is a new initiative funded by the American Rescue Plan Act, which became law on March 11, 2021.
Funds for business expenses
The program will provide funds to cover revenue losses caused by the pandemic. The amounts awarded vary from $1,000 to $5,000,000 per location, to a maximum of $10,000,000 total per business. The funding is meant to provide “support the ongoing operations” of the business, according to the mandate from Congress. Funds may be used to cover many common business expenses, such as payroll (including wages and benefits costs), mortgage or rent, utility bills, construction, maintenance, supplier costs, and other operating expenses.
Starting on Tuesday, May 3rd, eligible business owners can begin submitting applications. Applications will remain open only until allocated monies are expended to qualifying recipients. There is also a time limit on the use of funds granted to those businesses receiving money: March 11, 2023. So, interested businesses should begin their application process right away. Application requirements and information about necessary documentation can be found here: restaurants.sba.gov.
More information on eligibility requirements and application documents are posted on the SBA website.