On March 11, 2021, the Restaurant Revitalization Fund, part of the American Rescue Plan, became law, but questions still circulate about when funds will become available, how much, and to whom.
Here are the newest updates from the Small Business Administration as of April 20, 2021. For earlier details about how to apply and who’s eligible for these grants, check out this blog post here.
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When can I start applying for the Restaurant Revitalization Fund?
The Restaurant Revitalization Fund opens May 3, 2021, at 12 pm EST. You can access the application portal here. To apply, you must have already registered an account with the SBA, which you can do so here. If you are registering with Toast or Square, you can skip this step.
For the first 21 days, all applications will be accepted, but the only ones that will be processed will be those from priority groups, which are:
Women
Veterans
Socially or economically disadvantaged groups
After day 22, all other applications will be funded through funds exhaustion.
How much grant money can I apply for?
Funding requests must be greater than or equal to $1,000 and can be used for the following:
Business payroll costs, including sick leave and costs related to the continuation of group health care, life, disability, vision, or dental benefits
Payments on any business mortgage obligation
Business rent and utility payments,
Business debt service (both principal and interest; note: this does not include any prepayment of principal or interest);
Business maintenance expenses including maintenance on walls, floors, deck surfaces, furniture, fixtures, and equipment;
Construction of outdoor seating
Business supplies and food and beverage expenses
Covered supplier costs
Normal Business operating expenses.
How can I apply for the Restaurant Revitalization Fund?
Here’s where you can apply:
Through a recognized SBA Restaurant POS Partner
Square, Toast, Clover, NCR Corporation (Aloha), and Oracle
Through SBA directly at restaurants.sba.gov
Over the phone at (844) 279-8898
What happens when the Restaurant Revitalization Fund runs out?
It is important to note that these funds are limited, and there’s a chance that your restaurant might not be eligible or might not make it through the application process before funds run out. If that’s the case, you’re not out of luck!
Honeycomb crowdfunded loans can help your business get back on track by unlocking the capital you need through the help of your community. Want to learn more? Fill out the form below, and check out our resources for restaurants at honeycombcredit.com/restaurant