The U.S. Small Business Administration is launching a $28.6-billion Restaurant Revitalization Fund aimed at providing financial relief for those negatively impacted by the coronavirus pandemic, the agency announced on Saturday.
The restaurant industry is widely understood to be one of the most hardest hit industries over the course of the last year, as many, if not most, have had to pivot their operations and/or close for varying lengths of time.
The funding through the Restaurant Revitalization Fund will provide relief up to $10 million per business, including up to $5 million per physical location, according to the SBA. Recipients will not be required to repay the funding so long as the money is used to cover eligible expenses.
The application process will run on a pilot basis for two weeks with randomly selected pre-existing PPP borrowers invited to apply. This is intended to help the SBA work out any issues in the process ahead of the full public launch, the date of which will be announced soon.
For the first 21 days, the SBA will prioritize applications from small businesses owned by women, veterans, and socially and economically disadvantaged individuals. After that, applications will open to the rest of the general public.
More information about the program is available online.Â
