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SBA Administrator Guzman Announces Application Opening for $28.6 Billion Restaurant Revitalization Fund
Fund prioritizes direct relief to women, veterans, and socially and economically disadvantaged individuals, and includes $9.5 billion in set-asides for smaller businesses
WASHINGTON - SBA Administrator Isabella Casillas Guzman today announced the U.S. Small Business Administration will begin registrations on Friday, April 30, 2021, at 9 a.m. EDT and open applications on Monday, May 3, 2021, at noon EDT for the Restaurant Revitalization Fund. The online application will remain open to any eligible establishment until all funds are exhausted.
“Restaurants 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,” said Administrator Guzman. “The 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.”
Established under the American Rescue Plan, and 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.
“Recognizing the great urgency to help restaurants keep their doors open – and with a clear mandate from Congress – the SBA worked at a breakneck speed and is excited to launch this program,” said Patrick Kelley, SBA Associate Administrator, Office of Capital Access. “From 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.”
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:
- Registering for an account in advance at restaurants.sba.gov starting Friday, April 30, 2021, at 9 a.m. EDT.
- Reviewing the official guidance, including program guide, frequently asked questions, and application sample.
- Preparing the required documentation.
- Working with a point-of-sale vendor or visiting restaurants.sba.gov to submit an application when the application portal opens. [Note: If an applicant is working with a point-of-sale vendor, they do not need to register beforehand on the site.]
For the first 21 days that the program is open, the SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. All eligible applicants are encouraged to submit applications as soon as the portal opens. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.
Consistent with the legislation and the intent of Congress, the SBA continues to take steps to ensure the equitable distribution of relief, particularly for the smallest businesses, by creating a $9.5 billion set-aside: $5 billion for applicants with 2019 gross receipts of not more than $500,000; $4 billion is set aside for applicants with 2019 gross receipts from $500,001 to $1,500,000; and $500 million for applicants with 2019 gross receipts not more than $50,000.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start and grow their businesses. It delivers services to people through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
SCORE's mentors, comprised of active and retired business men and women, provide clients with free and confidential business counseling. For safety purposes, during the pandemic counseling is primarily conducted via video, phone or email.
SCORE mentors and representatives from the local business community conduct a variety of regularly scheduled, free, live, online workshops that provide valuable information and techniques necessary for establishing and managing a successful business.
With access to a wide variety of documents, templates and tools to assist you in starting or growing your business, the information provided here covers a wide range of subjects including initial business planning, capital sources, government agencies, and much more.
Michael Siegel - Savannah President
These are stressful and uncertain times for small businesses everywhere.You can still meet with an expert SCORE business mentor/coach "face-to-face" using Video or Zoom or by phone. To schedule an appointment with a Savannah SCORE Mentor call our office at 912- 652-4335.Schedule an Appointment
Savannah SCORE Named Diamond Level Chapter in 2020
SAVANNAH SCORE ACHIEVES NATIONAL DIAMOND CHAPTER STATUS
(SAVANNAH, GA) The Savannah Chapter of SCORE has been named a 2020 National Diamond Chapter, a status earned by fewer than 10% of SCORE’s 240 nationwide chapters. This special honor was awarded in recognition of the Chapter achieving Platinum Level status for its accomplishments, contributions to the community, and operational excellence for the last five consecutive years.
“We are honored and proud to receive this prestigious recognition,” Savannah SCORE Chapter Chair Michael Siegel said. “Our team of 40 expert Savannah SCORE business mentors has done a fantastic job helping small business owners and aspiring entrepreneurs succeed despite the significant challenges caused by the COVID-19 pandemic.”
In FY2020, Savannah SCORE worked with 842 clients, conducted 1,532 free mentoring sessions, presented 63 free live virtual workshops via Zoom, and achieved a Client Satisfaction Rating of 91.4, one of the highest in the nation. Savannah was also named SCORE’s 2019 “Mid-Market Chapter of the Year” and won the 2018 award for “Outstanding Client Education Program.” This past year, the Chapter helped establish 131 new local businesses and create 366 new non-owner jobs.To schedule a free mentoring session with one of Savannah SCORE’s expert business mentors, go to https://savannah.score.org/
In April, we celebrate National Volunteer Month to recognize the dedication of volunteers in all varieties of service, including our SCORE mentors. Read more