The Small Business Administration’s Restaurant Revitalization Fund opened its portal Monday, allowing hard-hit restaurants, bars, food trucks and more to apply for $28.6 billion in grants of up to $10 million per business.
Targeted aid is on its way to U.S. restaurants pounded by the Covid-19 pandemic.
The Small Business Administration’s Restaurant Revitalization Fund opened its portal Monday, allowing hard-hit restaurants, bars, food trucks and more to apply for $28.6 billion in grants.
Small businesses owned by women, veterans, and the socially and economically disadvantaged, will have priority application processing for the first three weeks of the program before it opens more broadly to all applicants.
The American Rescue Plan Act established the RRF to provide restaurants with funding equal to pandemic-related revenue losses of up to $10 million per business and no more than $5 million per physical location.
The funds must be used by March 2023, and do not need to be repaid so long as the money is used on eligible expenses including payroll, suppliers, mortgages, maintenance and rent.
