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SBA to offer Restaurant Revitalization Fund

The SBA recently released information regarding the imminent launch of the Restaurant Revitalization Fund: Restaurant Revitalization Fund (sba.gov).  This program will be critical in helping restaurants access capital and recover from the COVID-19 Pandemic. Keep watch for more information on the SBA.gov website and on their social media including Twitter and Facebook.

The following was posted on the SBA Facebook page on 4/17:

SBA Administrator Isabel Guzman announced key details for the new #RestaurantRevitalizationFund for restaurants, bars, food trucks, caterers, and related businesses. These businesses have been hit-hard during the economic downturn caused by the pandemic. To help bring jobs back and revive the industry, the #AmericanRescuePlan, signed into law by President Joe Biden, established the $28.6 billion fund, which will be administered by SBA.

Ahead of the application launch and over the next two weeks, SBA will establish a 7-day pilot period for the application portal. SBA and district offices across the country will conduct extensive outreach to small businesses interested in applying. The pilot period will be used to address technical issues before the public launch. Participants will include #PaycheckProtection Program borrowers in RRF priority groups, who will not receive funds until the application portal is open to the public. Following the pilot, the application portal will open to the public. For the first 21 days, SBA will prioritize reviewing applications from small businesses owned by women, veterans, and socially and economically disadvantaged individuals. Following the 21-day period, all eligible applicants are encouraged to submit applications. Stay updated and learn more at https://www.sba.gov/restaurants

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