More funding available to restaurants through the Small Business Administration |

More funding available to restaurants through the Small Business Administration

More help is on the way: On Tuesday, April 27, the Small Business Administration announced it was opening registration for its Restaurant Revitalization Fund beginning Friday, April 30, and opening applications the following Monday.

The $28.6 billion fund is part of the American Rescue Plan signed into law in mid-March. The program will remain open until all funds have been exhausted.

Businesses like restaurants, caterers, bakeries, food stands and carts, wineries and breweries are eligible to apply. For a complete list of eligible businesses, visit the Small Business Administration’s website.

According to a press release, the “program will provide 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.”

The release also said that for the first 21 days the fund is open, it’ll prioritize businesses “owned and controlled” by women, veterans and “socially and economically disadvantaged individuals.” Once this period closes, the fund will be operated on a first-come, first-served basis.

The Small Business Administration is also hosting virtual training webinars about the program at 11 a.m. and 12:30 p.m. Wednesday, April 28. Attendees should register on the administration’s website.

This program is one of a few that offer resources and assistance to small businesses. Other programs include the Shuttered Venue Operator’s Grant, the Paycheck Protection Program and Economic Injury Disaster Loans.

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