SBA announces restaurant aid program

The U.S. Small Business Administration has clarified application and eligibility requirements regarding its Restaurant Revitalization Fund.

Signed into law by President Biden, the program establishes $28.6 billion to help restaurants hurt by COVID-19.

The funds, meant primarily to bring back jobs, will be administered by the U.S. Small Business Administration to small restaurants hit hardest by the pandemic.

“Today, we are starting the process to help restaurants and bars across the country devastated by the pandemic, and this is our message: help is here,” said SBA spokesman Isabella Guzman in the statement. “With the launch of the Restaurant Revitalization Fund, we’re prioritizing funding to the hardest-hit small businesses – irreplaceable gathering places in our neighborhoods and communities that need a lifeline now to get back on their feet.

He continued, “We’re rolling out this program to make sure that these businesses can meet payroll, purchase supplies, and get what they need in place to transition to today’s COVID-restricted marketplace.”

Before the start of the application process and during the next two weeks, the SBA will establish a seven-day pilot for applications, during which it will conduct outreach and training and address technical issues, according to the statement.

For more details and the SBA application, click HERE.