Small Business Administration announces $28.6B in Restaurant Revitalization Fund

Business

NEW MEXICO (KRQE) –Small Business Administrator Isabella Casillas Guzman has announced the U.S. Small Business Administration will start registrations for the Restaurant Revitalization Fund which will provide $28.6 billion in direct relief funds to restaurants that have struggled economically due to the COVID-19 pandemic. The registrations will start on Friday, April 30, 2021, at 7 a.m. MST and applications will open on Monday, May 3, 2021, at 10 a.m. MST.

According to a press release from SBA, online applications will stay open to any establishment until all funds are used. The Restaurant Revitalization Fund was established under the American Rescue Plan and signed into law by President Biden in March, 2021.

SBA reports the program will provide restaurants will funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Funds must be used for allowable expenses by March 11, 2023.

You can register for an account in advance online at restaurants.sba.gov starting at 7 a.m. MST on Friday, April 30. According to the SBA, for the first 21 days that the program is open, SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals.

All eligible participants are urged to submit applications as soon as the portal opens. After the first 21 days, all eligible applications will be funded on a first-come-first-served basis.

The Restaurant Revitalization Fund also provides live recorded virtual training webinars on Tuesday, April 27 at 12:30 p.m. MST, Wednesday, April 28 at 11 a.m. MST, and Wednesday, April 28 at 12:30 p.m.

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