Restaurant Owners Urged To Apply For Federal Revitalization Funds

TAMPA, FL — The restaurant industry was among the hardest hit by the coronavirus pandemic. But help is on the way.

The U.S. Small Business Administration announced that it will distribute $28 billion through the Restaurant Revitalization Fund to help restaurant owners recover as part of President Joe Biden's American Rescue Plan.

The application period has not yet opened but those interested are urged to sign up for email alerts from the SBA.

Businesses with fewer than 20 locations can get up to $10 million for pandemic-related revenue losses with 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.

The funds are available to:

• Restaurants
• Food stands, food trucks, food carts
• Caterers
• Bars, saloons, lounges, taverns
• Snack and nonalcoholic beverage bars
• Bakeries (onsite sales to the public comprise at least 33 percent of gross receipts)
• Brewpubs, tasting rooms, taprooms (onsite sales to the public comprise at least 33 percent of gross receipts)
• Breweries and/or microbreweries (onsite sales to the public comprise at least 33 percent of gross receipts)
• Wineries and distilleries (onsite sales to the public comprise at least 33 percent of gross receipts)
• Inns (onsite sales of food and beverage to the public comprise at least 33 percent of gross receipts)
• Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products

Priority businesses include those that are at least 51 percent owned by one or more people who are women, veterans or socially or economically disadvantaged.

Socially disadvantaged individuals are those who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities.

Economically disadvantaged individuals are those socially disadvantaged individuals whose ability to compete in the free enterprise system has been impaired due to diminished capital and credit opportunities as compared to others in the same business area who are not socially disadvantaged.

To get more details and a sample application, click here.