Help for local restaurants impacted by COVID-19 opens Monday. The Restaurant Revitalization Fund is part of the American Rescue Plan and aims to keep the doors open for struggling businesses.
Restaurants can get up to $5 million per physical location with a limit of $10 million total per business. Applications for less than $1,000 are not accepted.
Applications open at noon for restaurants looking for relief.
The Small Business Administration says businesses do not have to pay the money back. That’s as long as it’s used for eligible purposes by March 11, 2023.
The SBA says restaurants can use the money for several different business needs including payroll costs, except sick leave, utility and maintenance, outdoor seating construction, mortgage obligations, and rent as long as it’s not pre-paid.
Businesses can register now for the application portal. You can submit applications starting at noon Monday. You can find that here.
According to the SBA, the first 21 days will be a priority period for groups including small businesses that are at least 50% owned by one or more people who are:
- socially and economically disadvantaged
Once the priority period ends, the SBA says it’ll process qualifying applicants until the funds run out.