In a meeting with restaurant owners co-hosted by the Association, representatives of the US Small Business Administration (SBA) reported on their efforts to prepare for the launch of applications for the $28.6B Restaurant Revitalization Fund. This program provides grants to independent restaurant owners for the difference between their revenue in 2020 and 2019 and can be used for expenses from February 15, 2020 – March 11, 2023.
The SBA hopes to begin accepting applications later this month or early in May. They plan to accept applications online, by phone, and through Point-Of-Sale providers to make it as easy as possible for restaurants to apply. The SBA is setting up an online “landing page” – a place with all of the information on the program – with the expectation it will be available before the application process begins. We’ve prepared answers to the frequently asked questions about this program – at least what we know now. We’re actively at work trying to find assistance for our members seeking funding from this program. Stay tuned for updates on our website.