SBA Restaurant Revitalization Fund

The U.S. Small Business Administration (SBA) announced its $28.6 billion Restaurant Revitalization Fund earlier this week.
 
Registrations begin on April 30 and applications open on Monday, May 3, at noon EDT. The online application will remain open to any eligible establishment until all funds are exhausted. 
 
The fund provides direct relief to restaurants and other hard-hit food establishments that have experienced economic distress and significant operational losses due to the pandemic. 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. Funds must be used for allowable expenses by March 11, 2023. 
 
In preparation, the SBA recommends qualifying applicants familiarize themselves with the application process in advance to ensure a smooth and efficient application experience, specifically by:
  • Registering for an account in advance at restaurants.sba.gov starting April 30
  • Reviewing the official guidance, including program guide, frequently asked questions, and application sample
  • Preparing the required documentation
  • Working with a point-of-sale vendor or visiting restaurants.sba.gov to submit an application when the portal opens. *Note: If an applicant is working with a point-of-sale vendor, they do not need to register beforehand on the site.*
For the first 21 days, the SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. All eligible applicants are encouraged to submit applications as soon as the portal opens. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.
 
For more information, visit sba.gov/restaurants or in Spanish at sba.gov/restaurantes.

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