SBA announces requirements for upcoming Restaurant Revitalization Fund

The Small Business Administration announced details on application requirements, eligibility, and a program guide for the Restaurant Revitalization Fund. This funding is part of the American Rescue Plan that was signed into law by President Biden. The money goes to help small businesses affected by the COVID-19 Pandemic recover.

Posted: Apr 17, 2021 7:05 PM

The Small Business Administration announced details on application requirements, eligibility, and a program guide for the Restaurant Revitalization Fund. This funding is part of the American Rescue Plan that was signed into law by President Biden. The money goes to help small businesses affected by the COVID-19 Pandemic recover.

The fund set aside $28.6 billion dollars which businesses can apply for. 

Those eligible are:

-Restaurants
-Food stands, food trucks, food carts
-Caterers
-Bars, saloons, lounges, taverns
-Snack and nonalcoholic beverage bars
-Bakeries (onsite sales to the public comprise at least 33% of gross receipts)
-Brewpubs, tasting rooms, taprooms (onsite sales to the public comprise at least 33% of gross receipts)
-Breweries and/or microbreweries (onsite sales to the public comprise at least 33% of gross receipts)
-Wineries and distilleries (onsite sales to the public comprise at least 33% of gross receipts)
-Inns (onsite sales of food and beverage to the public comprise at least 33% of gross receipts)
-Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products

The SBA said those businesses will need to apply through an SBA-recognized Point of Sale Restaurant Partner or directly through an online portal. The SBA said the online portal is still going through testing and is not available to the public yet. In the meantime, the SBA said you can prepare your application by filling out an application form.

The learn more about eligibility for the program, you can visit their website.

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