Attention All Restaurants, Bars, Food Trucks, And Eating Establishments:
The Small Business Administration announced it would open its online application portal for the Restaurant Revitalization Fund at 11 a.m. CST Monday, May 3. Registration for the SBA application portal will begin at 8 a.m. CST Friday, April 30.
Can The Callaway Bank Help Me Apply?
Technically no. Unlike the PPP Loan program, this fund is administered directly through the SBA.
The SBA recommends qualifying applicants familiarize themselves with the application process in advance to ensure a smooth, efficient application experience, specifically by completing the following.
- Registering for an account in advance at restaurants.sba.gov starting at 8 a.m. CST Friday, April 30.
- Reviewing the official guidance, including program guide, frequently asked questions, and application sample.
- Preparing the required documentation.
- Working with a point-of-sale vendor or visiting restaurants.sba.gov to submit an application when the application portal opens. [Note: If an applicant is working with a point-of-sale vendor, they do not need to register beforehand on the site.]
- Attending a live recorded virtual training webinar at noon CST Wednesday, April 28, or 1:30 p.m. CST Wednesday, April 28.
What is the Restaurant Revitalization Fund?
Established under the American Rescue Plan, the Restaurant Revitalization Fund provides a total of $28.6 billion in direct relief funds to restaurants and other hard-hit food establishments that have experienced economic distress and significant operational losses because of the COVID-19 pandemic. This 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. Funds must be used for allowable expenses by March 11, 2023.
What Businesses Are Eligible To Apply?
Eligible entities who have experienced pandemic-related revenue loss include:
- Food stands, food trucks, food carts
- 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)
- Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products