Restaurant owners struggling amid the COVID-19 pandemic can start registering on Friday for their share of the federal Restaurant Revitalization Fund, which rolls out Monday.
Applicants can register at restaurants.sba.gov.
The program provides a total of $28.6 billion in direct relief funds to restaurants and other hard-hit food establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic.
The application will remain open until funds are exhausted.
In preparing for the roll-out, the SBA applied a “customer-first model,” one that “integrates technology” to meet demand and equity, SBA Administrator Isabella Casillas Guzman said in a call with reporters on Friday.
Field offices and partners “are working to get the information out to as many people as possible,” she added.
In announcing the roll out, Guzman said in a statement that “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.”
“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,” she added. “ 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.”
“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, Office of Capital Access, said in a statement. “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.”
Applicants are urged to register for an account beginning Friday at restaurants.sba.gov.
They are encouraged to review the official guidance, program guide, frequently asked questions and application sample.
They can also work with a point-of-sale vendor.
For the first 21 days that the program is open, 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.
More information is available at sba.gov/restaurants or in Spanish at sba.gov/restaurantes.
Originally Appeared On: https://libn.com/2021/04/30/28-6-b-restaurant-revitalization-fund-rolls-out-monday/