Restaurant Revitalization Fund Provides Emergency Assistance

Mount Vernon VA

21 April, 2021

12:53 PM

Description

Press release from Mount Vernon-Lee Chamber Of Commerce: 04/19/2021 " target="_blank" rel="nofollow"> ShareTweetReturn to ListingRestaurant Revitalization Fund Provides Emergency Assistance 04/19/2021 04:59 PM U.S. Small Business Administration (SBA) has announced key details on application requirements, eligibility, and a program guide for the Restaurant Revitalization Fund (RFF). The food service industry is among the hardest-hit during the COVID-19 pandemic economic downturn. The American Rescue Plan Act established the $28.6 billion Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. 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. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023. Eligible entities who have experienced pandemic-related revenue loss include: Restaurants Food stands, food trucks, food carts Caterers Bars, saloons, lounges, taverns Snack and nonalcoholic beverage bars Bakeries (onsite sales to the public comprise at least 33% of gross receipts) Brewpubs, tasting rooms, taprooms (onsite sales to the public comprise at least 33% of gross receipts) Breweries and/or microbreweries (onsite sales to the public comprise at least 33% of gross receipts) Wineries and distilleries (onsite sales to the public comprise at least 33% of gross receipts) Inns (onsite sales of food and beverage to the public comprise at least 33% of gross receipts) Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products Over the next two weeks, the SBA will establish a seven-day pilot period, ahead of the public launch, to conduct outreach and training. Once the program is open, the first 21 days the SBA will prioritize reviewing applications from women, veterans and socially and economically disadvantaged business owners. Afterward, all eligible applicants are encouraged to apply. Sign up to receive email alerts from SBA as additional information about the Restaurant Revitalization Fund becomes available. Click here for more information This press release was produced by the Mount Vernon-Lee Chamber Of Commerce. The views expressed are the author's own.