Continuing the Crook County News Since 1884
Continuing the Crook County News Since 1884
The U.S. Small Business Administration (SBA) has launched a program to support restaurants and bars that have been impacted by the COVID-19 pandemic and its associated restrictions. Applications opened on Monday for the program, which makes use of funding from the American Rescue Plan Act.
The Restaurant Revitalization Fund (RRF) aims to restore the revenue an eatery lost during the pandemic, up to $10 million per business or $5 million per physical location. As long as the funding is used by March 11, 2023, it does not need to be repaid.
The program is open to restaurants, food stands and trucks, caterers, bars, saloons, taverns, snack bars, bakeries, brewpubs, tasting rooms, taprooms, breweries and microbreweries, wineries and distilleries and inns.
During the first 21 days of the program, applications from women, veterans and socially or economically disadvantaged applicants will be prioritized. Following this time, and until all funds are exhausted, applications will be processed from all eligible business in the order they are approved by the SBA.
Through the program, $5 billion has been set aside for applicants with 2019 gross receipts of $500,000 or less; $4 billion for applicants with receipts between $500,001 and $1.5 million; and $500 million for applicants with 2019 gross receipts below $50,000.
Funding amounts will be calculated as 2019 gross receipts, minus 2020 gross receipts, minus amounts loaned to the business through the Paycheck Protection Program. These calculations will be altered slightly for businesses that opened during 2019 or are not yet open.
Funding may be used for expenses including payroll, business mortgage payments, business rent payments, business debt service, business utility payments, maintenance expenses, construction of outdoor seating, supplies (including protective equipment and cleaning materials), covered supplier costs and operating expenses.
Applications may be submitted online at the SBA’s program portal: https://restaurants.sba.gov.
