WASHINGTON, D.C. — The federal Restaurant Revitalization Fund is now taking applications.
The fund, established by the American Rescue Plan stimulus package, provides forgivable, interest-free loans to bars, restaurants and other eating and drinking establishments affected by COVID-19 shutdowns.
Businesses can apply for an amount equal to their 2019 gross receipts minus their 2020 gross receipts, minus any Paycheck Protection Program funds already received. The minimum amount is $1,000 per business, and the maximum is $10 million. Eligible uses for the money includes a variety of business expenses, from payroll to rent, and recipients are not required to pay back any of the money as long as it is used for eligible expenses no later than March 2023.
Applications opened at noon on Monday, May 3. For more information, or to apply, visit the Small Business Administration website at sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund.