04 May

May 2021: $29 Billion Restaurant Revitalization Fund Accepting Applications Beginning May 3, 2021

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Update Applicable to:
Establishments eligible to apply for the grant program include restaurants (including franchises), bars, food trucks, breweries, bakeries, and caterers, among others. Ineligible establishments include those that are permanently closed, publicly traded companies, and businesses that own over 20 locations.

What happened?
Beginning May 3, 2021, restaurants may begin submitting applications to the Small Business Administration (SBA) for a grant program geared toward combating the economic impact of COVID-19 on the restaurant industry.

What are the details?
The grant program—the Restaurant Revitalization Fund—was allocated $29 billion from the $1.9 trillion economic relief bill passed earlier this year.

Through the fund, eligible restaurants can receive up to $10 million per business or up to $5 million for a single physical location. Recipients are not required to repay the funding as long as funds are used for eligible expenses no later than March 11, 2023.

Funds may be used for specific expenses, including:

  • Business payroll costs (including sick leave)
  • Payments on any business mortgage obligation
  • Business rent payments (this does not include prepayment of rent)
  • Business debt service, both principal and interest (this does not include any prepayment of principal or interest)
  • Business utility payments
  • Business maintenance expenses
  • Construction of outdoor seating
  • Business supplies, including protective equipment and cleaning materials
  • Business food and beverage expenses, including raw materials
  • Covered supplier costs
  • Business operating expenses

Employers can read more about this on the SBA’s website, here.

What do employers need to do?
The program is optional, employers who qualify may read how to apply on the SBA’s website at the link above.

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