Restaurant Revitalization Fund provides aid to restaurants and other eligible businesses
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The American Rescue Plan Act established the Restaurant Revitalization Fund to provide funding to help restaurants and other eligible businesses keep their doors open. 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. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
Eligible entities who have experienced pandemic-related revenue loss include: restaurants, food stands, food trucks, food carts, caterers, bars, lounges, taverns, snack and nonalcoholic beverage bars, and more. Priority will be given to any small business concern that is at least 51 percent owned by one or more individuals who are women, veterans, or socially/economically disadvantaged.
For a complete list of entities and priority groups, and information about how to apply, visit https://www.sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund. A series of RRF webinars is available through the SBA Richmond website; visit https://www.sba.gov/offices/district/va/richmond for a schedule of webinar events (registration required).
