Restaurant Revitalization Fund registration launches Friday

The U.S. Small Business Administration will open registration for the $28.6 billion Restaurant Revitalization Fund Friday and begin accepting applications at noon on May 3.

The online application will remain open to any eligible establishment until all funds are exhausted, according to a news release. The SBA will prioritize businesses owned by women, veterans and socially or economically disadvantaged individuals during the allocation process during the first 21 days of the application process.

“Restaurants are the core of our neighborhoods and propel economic activity on main streets across the nation. They are among the businesses that have been hardest hit and need support to survive this pandemic. We want restaurants to know that help is here,” SBA Administrator Isabella Casillas Guzman said in the release. “The SBA has focused on the marketplace realities of our food and beverage businesses in designing the Restaurant Revitalization Fund to meet businesses where they are. And we are committed to equity to ensure our smaller and underserved businesses, which have suffered the most, can access this critical relief, recover, and grow more resilient.”

Established under the American Rescue Plan, and signed into law by President Joe Biden on March 11,  the Restaurant Revitalization Fund provides 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, according to the release.

Funds must be used for allowable expenses by March 11, 2023.

“Recognizing the great urgency to help restaurants keep their doors open — and with a clear mandate from Congress — the SBA worked at a breakneck speed and is excited to launch this program,” Patrick Kelley, SBA associate administrator of the capital access office, said in the release. “From day one, we engaged with diverse stakeholders in the food industry community to make sure we built and delivered the program equitably, quickly and efficiently.”

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 starting at 9 a.m. Friday, reviewing the official guidance and preparing the required documentation. South Carolina's SBA district will hold a virtual training session at 9 a.m. on May 4 to brief fund applicants.

“The creation of the Restaurant Revitalization Fund will be a catalyst to reviving restaurants and saving jobs across the country,” Tom Bené, president and CEO of the National Restaurant Association, said in a news release. “Our focus from the beginning of this crisis has been on ensuring that our favorite local restaurants could access the assistance they would need to survive. This fund is a win for the smallest and hardest hit restaurants that have sacrificed and innovated to continue to serve their communities.”