Restaurant Revitalization Fund Provides Emergency Assistance

Press release from Mount Vernon-Lee Chamber Of Commerce:

04/19/2021

ShareTweetReturn to ListingRestaurant Revitalization Fund Provides Emergency Assistance 04/19/2021 04:59 PM

U.S. Small
Business Administration (SBA) has announced key details on application requirements,
eligibility, and a program guide for the Restaurant Revitalization Fund (RFF).
The food service industry is among the hardest-hit during the COVID-19 pandemic
economic downturn.

The American
Rescue Plan Act established the $28.6 billion Restaurant Revitalization Fund
(RRF) to provide funding to help restaurants and other eligible businesses keep
their doors open. 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.

Eligible
entities who have experienced pandemic-related revenue loss include:

• Restaurants
• Food stands, food trucks, food carts
• Caterers
• Bars, saloons, lounges, taverns
• Snack and nonalcoholic beverage bars
• Bakeries (onsite sales to the public
  comprise at least 33% of gross receipts)
• Brewpubs, tasting rooms, taprooms (onsite
  sales to the public comprise at least 33% of gross receipts)
• Breweries and/or microbreweries (onsite
  sales to the public comprise at least 33% of gross receipts)
• Wineries and distilleries (onsite sales to
  the public comprise at least 33% of gross receipts)
• Inns (onsite sales of food and beverage to
  the public comprise at least 33% of gross receipts)
• Licensed facilities or premises of a beverage
  alcohol producer where the public may taste, sample, or purchase products

Over the next
two weeks, the SBA will establish a seven-day pilot period, ahead of the public
launch, to conduct outreach and training. Once the program is open, the first
21 days the SBA will prioritize reviewing applications from women, veterans and
socially and economically disadvantaged business owners. Afterward, all
eligible applicants are encouraged to apply.

Sign up to
receive email alerts from SBA as additional information about the Restaurant
Revitalization Fund becomes available.

Click here for more
information

This press release was produced by the Mount Vernon-Lee Chamber Of Commerce. The views expressed are the author's own.