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SBA Launches Restaurant Revitalization Fund- Opens May 3

In preparation, the SBA recommends qualifying applicants familiarize themselves with the application process in advance to ensure a smooth and efficient application experience, specifically by:

  • Registering for an account in advance at sba.gov starting Friday, April 30, 2021, at 9 a.m. EDT.

  • 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 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.]

For the first 21 days that the program is open, the SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. All eligible applicants are encouraged to submit applications as soon as the portal opens. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.

Consistent with the legislation and the intent of Congress, the SBA continues to take steps to ensure the equitable distribution of relief, particularly for the smallest businesses, by creating a $9.5 billion set-aside: $5 billion for applicants with 2019 gross receipts of not more than $500,000; $4 billion is set aside for applicants with 2019 gross receipts from $500,001 to $1,500,000; and $500 million for applicants with 2019 gross receipts not more than $50,000.

For more information, visit sba.gov/restaurants or in Spanish at sba.gov/restaurantes.


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Courtesy of NASE.org
https://www.nase.org/about-us/media-relations/News/nase-in-the-news/2021/04/29/sba-launches-restaurant-revitalization-fund--opens-may-3