Submitted by sundance on April 24, 2021 - 5:32pm
The American Rescue Plan Act established the Restaurant Revitalization Fund to emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19, with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023. For the first 21 days that the program is open, the SBA will prioritize applications from small businesses owned by women, veterans, and socially and economically disadvantaged individuals. Following the 21-day period, all eligible applicants are encouraged to submit applications.