Princeton Restaurants, Bars Can Apply For Small Biz Funding

PRINCETON, NJ — The ongoing coronavirus pandemic has resulted in township restaurants, bars, and other eateries suffering economic losses.

On Thursday, the Princeton Municipality announced that businesses can now apply for funding through the Restaurant Revitalization Program.

The program and funding are made available by the U.S. Small Business Administration (SBA). The funding will provide support to eligible businesses that suffered revenue losses related to the pandemic.

The $28.6 billion 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 do not have to repay the funding as long as funds are used for eligible purposes and no later than March 11, 2023.

Who is eligible to apply:

• 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% of gross receipts);
• Brewpubs, tasting rooms, taprooms (onsite sales to the public comprise at least 33% of gross receipts);
• Breweries and/or microbreweries (onsite sales to the public comprise at least 33% of gross receipts);
• Wineries and distilleries (onsite sales to the public comprise at least 33% of gross receipts),
• Inns (onsite sales of food and beverage to the public comprise at least 33% of gross receipts); and
• Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products.

For assistance in preparing the application, contact the SBA call center (844) 279-8898, between Monday-Friday from 8 a.m. to 8 p.m., or reach out to the local SBA office.

For more information, contact Paul Penna, Legislative Analyst at ppenna@njlm.org or call (609) 695-3481 ext. 110.