SBA Announces Application Opening for $28.6 Billion Restaurant Revitalization Fund Today, we’re sharing news from the Westchester County Board of Legislators … The Small Business Administration (SBA) 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.

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.

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: 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.

For more information, visit sba.gov/restaurants.Please forward this E-News to family and friends who may be interested in this information.