{"id":118855,"date":"2021-04-27T09:52:00","date_gmt":"2021-04-27T16:52:00","guid":{"rendered":"http:\/\/69.46.6.243\/?p=118855"},"modified":"2021-04-27T09:52:00","modified_gmt":"2021-04-27T16:52:00","slug":"sba-administrator-guzman-announces-application-opening-for-28-6-billion-restaurant-revitalization-fund","status":"publish","type":"post","link":"https:\/\/new.thepinetree.net\/?p=118855","title":{"rendered":"SBA Administrator Guzman Announces Application Opening for $28.6 Billion Restaurant Revitalization Fund"},"content":{"rendered":"

Washington, DC…SBA Administrator\u00a0Isabella Casillas Guzman<\/a>\u00a0today announced the U.S. Small Business Administration will begin\u00a0registrations\u00a0on Friday, April 30, 2021, at 9 a.m. EDT and open applications on Monday, May 3, 2021, at noon\u00a0EDT for the Restaurant Revitalization Fund. The online application will\u00a0remain\u00a0open to any eligible\u00a0establishment until all funds are exhausted.<\/p>\n

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\u201cRestaurants are the core of our neighborhoods and propel economic activity on main streets across the nation. They are among the businesses that have been hardest hit and need support to survive this pandemic. We want restaurants to know that help is here,\u201d said Administrator Guzman. \u201cThe SBA has focused on the marketplace realities of our food and beverage businesses in designing the Restaurant Revitalization Fund to meet businesses where they are. And we are committed to equity to ensure our smaller and underserved businesses, which have suffered the most, can access this critical relief, recover, and grow more resilient.\u201d<\/p>\n

Established under the\u00a0American Rescue Plan,<\/a>\u00a0and signed into law by President Joe Biden on March 11, 2021, 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 due to 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.<\/p>\n

\u201cRecognizing the great urgency to help restaurants keep their doors open \u2013 and with a clear mandate from Congress \u2013 the SBA worked at a breakneck speed and is excited to launch this program,\u201d said Patrick Kelley, SBA Associate Administrator, Office of Capital Access. \u201cFrom day one, we engaged with diverse stakeholders in the food industry community to make sure we built and delivered the program equitably, quickly, and efficiently.\u201d<\/p>\n

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:<\/p>\n