Restaurant Revitalization Fund Goes Live May 3rd—Here’s How to ApplyApril 29, 2021
Restaurant owners, the Restaurant Revitalization Fund opens Monday, May 3rd. Here’s how you can benefit.
Did you read our blog, American Rescue Plan Introduces Restaurant Revitalization Fund—How You Can Benefit? The $28.6 billion program opens Monday, May 3rd. How do you apply? We have the details here.
What is the Restaurant Revitalization Fund?
Check out our blog for the details but essentially the fund (introduced by the American Rescue Plan) provides $28.6 billion in cash grants to restaurants hit hard by the pandemic.
How to apply
Starting at noon on Monday, May 3rd 2021, eligible restaurants can submit applications for the Restaurant Revitalization Fund through the POS system or on the Small Business Administration (SBA) website.
Here’s the link: https://restaurants.sba.gov/
SBA will prioritize certain applications
After facing criticism that the Payroll Protection Program (PPP) was unequally distributed, the SBA announced that for the first 21 days of the Restaurant Revitalization Fund Program it will prioritize applications from women, veterans and economically disadvantaged individuals.
After the 21 days, the funds will be distributed on a first come, first served basis.
How will the funds be distributed?
The $28.6 billion package will be distributed as follows:
- $5 billion is reserved for applicants with 2019 gross receipts of $500,000 or less
- $4 billion is reserved for applicants with 2019 gross receipts between $500,001-$1,500,000
- $500 million is reserved for applicants with 2019gross receipts of not more than $50,000
Keep in mind that restaurant groups with more than 20 locations and publicly traded companies are not eligible for the program. Those with one location can apply for up to $5 million and those with multiple locations can apply for up to $10 million.
The funds are expected to go fast!
Questions? We can help with your application. Contact us.