The food industry was hit hard by the COVID-19 pandemic and local restrictions to stop the spread made it especially difficult for small businesses. As of May 3, 2021, food industry business owners that experienced a revenue loss can apply for the Restaurant Revitalization Fund through the Small Business Association.
What is it?
The SBA will be awarding a total of $28.6 billion to restaurants, bars, and other similar businesses that serve food or drink to help cover pandemic-related revenue loss. The fund is a part of the American Rescue Plan Act which was signed into law by President Joe Biden on March 11, 2021. Businesses may be awarded $1K – $5 million and will not need to repay it as long as the funds are used for eligible business expenses.
Who is eligible?
Eligible entities include:
- Food stands, food trucks, food carts
- Bars, saloons, lounges, taverns
- Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products
- Other similar places of business in which the public or patrons assemble for the primary purpose of being served food or drink
- Snack and nonalcoholic beverage bars
- Brewpubs, tasting rooms, taprooms
- Breweries and/or microbreweries
- Wineries and distilleries
What can I use it on?
- Eligible business expenses include:
- Business payroll costs (including sick leave)
- Payments on any business mortgage obligation
- Business rent payments (note: this does not include prepayment of rent)
- Business debt service (both principal and interest; note: this does not include any prepayment of principal or interest)
- Business utility payments
- Business maintenance expenses
- Construction of outdoor seating
- Business supplies (including protective equipment and cleaning materials)
- Business food and beverage expenses (including raw materials)
- Covered supplier costs
- Business operating expenses
Where do I apply?
Business owners can apply here and see how much you are eligible for.
Read more information about the program on the SBA.gov website.