Funds open for restaurants struggling during the pandemic
LANSING, Mich. (WILX) - Help is on the way for restaurants struggling during the pandemic. Starting Monday, May 3 at noon, applications for the Restaurant Revitalization Fund. The program through the Small Business Administration provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19.
The RRF will provide restaurants with money equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Receipts are not required to repay the funding as long as the money is used for eligible uses no later than March 11, 2023.
You can apply through SBA-recognized Point of Sale (POS) vendors or directly via SBA in the online application portal: https://restaurants.sba.gov. If you are working with Square of Toast as your POS, you don’t need to register beforehand on the portal.
List of eligible businesses include: Restaurants, food stands/trucks, caterers, bars, bakeries, breweries, and inns. A full list of businesses that could benefit from the program can be found here.
The SBA says for the first 21 days all applications from eligible businesses will be accepted, but they will only process and fund applicants within a ‘priority group.’ That priority group includes small businesses that are at least 50% owned by one or more people who are women, veterans, or socially and economically disadvantaged.
If you need assistance filling out your application, there is help on the Small Business Administration’s website. You can also contact the SBA’s call center at 1-844-279-8898.
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