The U.S. Small Business Administration has begun to deliver economic relief from the Restaurant Revitalization Fund, established by the American Rescue Plan. The first round of funding represents over $2 billion in relief funds since the launch of the program.
In addition to a $5 billion set-aside established by Congress for applicants with gross receipts not more than $500-thousand, two additional funding allocations were created to ensure the smallest of the small restaurants and other eating establishments such as food trucks and carts get the aid needed. Lebanon REDI Director Brian Thompson reminds applicants to make sure you have the proper documents in place when applying
Under RRF, restaurants are eligible for funding equal to their pandemic-related revenue losses, capped at $10 million per business and $5 million per location. The SBA will continue to fund approved applications until all funds have been exhausted. Priority will be given to a small business concern that is at least 51 percent owned by one or more individuals who are women or Veterans, or Socially and economically disadvantaged. If you own a restaurant, bar, are a caterer, or are a venue where food or drink sales to the public comprise at least 33% of gross receipts you can apply for the Restaurant Revitalization grant funding.