Beginning at noon today (May 3rd), owners of restaurants, bars, bakeries, food trucks and similar establishments may apply for the Restaurant Revitalization Fund (RRF) through the U.S. Small Business Administration.
Businesses owned by women, Veterans and socially disadvantaged groups will be given first priority; the funding period will be open to all owners of these eligible small businesses until funds have been exhausted.
This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
$5 billion is set aside for applicants with 2019 gross receipts of not more than $500,000
An additional $4 billion is set aside for applicants with 2019 gross receipts from $500,001 to $1,500,000
An additional $500 million is set aside for applicants with 2019 gross receipts of not more than $50,000
For full program details, click here.
To apply for the Restaurant Revitalization Fund, click here