Restaurant Revitalization Fund To Open In Fredericksburg Area

FREDERICKSBURG, VA — Fredericksburg food service businesses who have been affected by the ongoing coronavirus pandemic are encouraged to prepare an application for the Restaurant Revitalization fund.

The Restaurant Revitalization Fund, part of the American Rescue Plan Act stimulus package, will provide emergency assistance for qualifying businesses with revenue losses related to the COVID-19 pandemic. Eligible restaurants will receive funding to match their pandemic-related revenue loss: up to $5 million per physical location, or a total of $10 million per business. The funds will not have to be repaid as long as businesses use them for approved purposes by March 11, 2023.

The applications will be handed by the U.S. Small Business Administration. Registrations for the application portal will open at 9 a.m. on April 30, and applications will open at noon on May 3.

Eligible businesses with pandemic-related revenue losses include restaurants, food stands, food trucks, food carts, caterers, bars, saloons, taverns, lounges, taverns, snack and nonalcoholic beverage bars, bakeries, brewpubs, tasting rooms, taprooms, wineries, distilleries, inns, and alcoholic beverage producers with facilities for tasting and purchases.

For the first 21 days of the program, SBA will prioritize applications from small businesses at least 51 percent owned by women, veterans, or socially and economically disadvantaged individuals. From day 22 until funds are exhausted, all eligible applications will be accepted.

Funds may be used for payroll, business rent payments, business debt service, business utility payments, maintenance expenses, construction of outdoor seating, covered supplier costs, operating expenses and more.

Amounts will be based on gross receipts minus Paycheck Protection Program assistance. For example, a business that opened before 2019 would subtract 2020 gross receipts from 2019 gross receipts and also take off PPP loan amounts.

More information about how to apply for the Restaurant Revitalization Fund is available from SBA. Fredericksburg's Department of Economic Development and Tourism also provides several resources for small businesses on their website.