CT Restaurants Hurt By Pandemic Can Apply For SBA Grants

CONNECTICUT — The Small Business Administration this week launched the Restaurant Revitalization Fund grant program for restaurants in Connecticut and around the country that suffered losses during the coronavirus pandemic.

Seeded with more than $28 billion from the federal government, the program provides "restaurants, bars, caterers, inns, and other eligible establishments grants equal to their pandemic-related revenue losses." SBA is reserving $9.5 billion of the funding especially for smaller businesses.

Over the next three weeks, the program will prioritize applications from restaurants owned by women, veterans, and socially and economically disadvantaged individuals, according to officials.

"The Restaurant Revitalization Fund will have an immediate impact to help Connecticut’s restaurants and bars, who were among the hardest and most immediately impacted businesses when the pandemic hit," said Scott Dolch, executive director of the Connecticut Restaurant Association. "Restaurants are mostly small businesses, and many of them are family owned – helping them recover and stay in business is a direct boost to local economies across Connecticut. We’ve been working with the National Restaurant Association and SBA to educate local owners about this program, and we expect application numbers on the first day to be very strong. It’s likely the $28.6 billion will be depleted quickly, which will demonstrate the high need for this funding, and the immediate positive impact it will have for our economy."

The program will remain active until all the funds are used, but eligible restaurant owners should submit their application as soon as possible, Dolch said, and emphasized the following:

• Owners should register and create their SBA portal login and download the application here.
• If a restaurant is using a SBA-recognized Point of Sale system, they can apply directly through that company, rather than register directly on the SBA portal.
• Applications from women-, veteran- and socially and economically disadvantaged-owned businesses have priority for the first 21 days.
• The National Restaurant Association has a Step-by-Step Guide for the application process.

According to the National Restaurant Association, the restaurant industry was particularly hit hard by the pandemic, with sales down $280 billion since the beginning of the pandemic. Additionally, more than 90,000 restaurants either permanently or long-term closed in the country during the pandemic.

In Connecticut, more than 20,000 restaurant jobs were lost compared to pre-pandemic days, or more than 17 percent of the restaurant industry employment.

For more information, click here to learn about eligibility and other requirements.