Today, the Small Business Administration (SBA) released guidelines for the Restaurant Revitalization Fund application. This is the official guidance we’ve been waiting for, including information about the documentation you’ll need to provide and a sample application. We expect the portal to begin accepting applications by the end of April. Over the next few weeks, we encourage you to get everything ready so you can apply on day one.
This first-of-its kind grant program provides debt-free support in the amount of annual revenue lost from 2019 and 2020, with special provisions for businesses that opened in 2020 and 2019. Grants can only be used on eligible expenses incurred starting on February 15, 2020 and ending on March 11, 2023. Eligible expenses include:
Supplies, protective equipment, and cleaning materials;
Food and beverage;
And principal business payments for business debt.
The SBA will prioritize awarding grants to women or Veteran-owned businesses, and socially and economically disadvantaged groups, including Black Americans, Hispanic Americans, Native Americans, Asian Pacific Americans and Subcontinent Asian Americans. And for the first time the SBA will provide an application in Spanish. For more information, stay tuned to the SBA’s site and ourresources page.