Restaurant Revitalization Fund To Distribute $28.6 Billion
$28-point-6 billion in federal aid for restaurants, bars and other qualifying food service businesses becomes available May 3rd through the Restaurant Revitalization Fund.
Administered by the Small Business Administration, the fund will provide funding equal to a businesses pandemic-related revenue loss up to $5 million per location, with a maximum of $10 million per business. Applicants can register on the SBA website beginning this Friday, April 30th. In the first three weeks, priority will be given to businesses that are majority-owned by women, veterans, and socially or economically disadvantaged poeople.
Earlier grant programs for restaurants were faulted for giving money to large chains and corporations. Under this plan, $500 million is being set aside for businesses that made less that $50,000 in 2019. Another $5 billion is being set aside for businesses that made less than $500,000.
Recipients don't have repay the money as long as it is used for allowable expenses before March 2023.