The United States Small Business Administration (SBA) has announced that registrations for the Restaurant Revitalization Fund will begin on Friday, April 30, 2021 (at 9 a.m. EDT), while applications will open on Monday, May 3, 2021, at noon EDT. Online registrations will remain open to any eligible organization until all earmarked funds have been exhausted.
Signed into law on March 11, 2021, the American Rescue Plan 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 aims to 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).
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The information contained in this article is intended for educational purposes and to provide a general understanding of regulatory events, legislative changes and the law – not to provide specific legal advice.