Restaurant Revitalization Program registration opens Friday: Everything to know
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More relief is being served to eligible restaurants left starving for business during the coronavirus pandemic.
Registration for the Restaurant Revitalization Fund, a $28.6 billion effort from the Small Business Administration opens Friday at 9 a.m. EST, which will give foodservice owners the chance to apply for much-needed funding following restaurant shutdowns, capacity limits and staff cuts during the COVID-19 pandemic. Applications will officially open up Monday and will provide grants to restaurant owners who suffered major revenue losses.
More relief is being served to eligible restaurants left starving for business during the coronavirus pandemic. (Alexi Rosenfeld/Getty Images) The Restaurant Revitalization Fund is a part of $1.9 trillion coronavirus relief package President Joe Biden signed into law on March 11. It aims to also help with accrued expenses foodservice operators put in place to keep up with health and safety guidelines, from installing outdoor dining huts to Plexiglass partitions indoors, reverting to contactless menus and enlisting third-party delivery, among other changes. Restaurants, food carts and food trucks along with bars, bakeries and wineries (both with onsite sales of at least 33% of gross receipts) and inns will be able to apply for the funding. Each business will be able to apply for grants of up to $10 million, according to the SBA guidelines. DOORDASH LETTING RESTAURANTS PICK COMMISSION PRICES "Restaurants are the core of our neighborhoods and propel economic activity on main streets across the nation. They are among the businesses that have been hardest hit and need support to survive this pandemic," SBA Administrator Isabella Casillas Guzman said in a statement Tuesday announcing the application opening. RESTAURANTS ARE BIG BENEFICIARIES OF COVID-19 RELIEF BILL "We want restaurants to know that help is here," she added. Here’s everything to know about the application process: Funding allocation: The SBA created $9.5 billion fund set-aside allocating $5 billion for restaurant applicants with 2019 gross receipts of less than $500,000; $4 billion for applicants with 2019 gross receipts between $500,001 to $1,500,000; and another $500 million for those with 2019 gross receipts of no more than $50,000. CLICK HERE TO READ MORE ON FOX BUSINESS The SBA will prioritize funding during the first 21 days of the program to businesses owned and controlled by women, veterans and those who are socially and economically disadvantaged. After that, applications will be funded on a first-come, first-served basis, the SBA said on its website. Where restaurants can apply the funds: Restaurant owners can use awarded grants for business payroll costs including sick leave, mortgage payments on the foodservice location, utility payments and maintenance expenses along with the construction of outdoor seating. Operators may also use the funding for business supplies such as cleaning materials and other operating expenses. GET FOX BUSINESS ON THE GO BY CLICKING HERE How to apply: Restaurants can apply via the online application portal which goes live Monday at noon EST or through the SBA-recognized Point of Sale (POS) vendors. Applicants will need to have verification for tax information including an IRS Form 4506-T in addition to gross earnings documentation. For more information visit SBA.gov. Source: Read Full Article