Thanks to the American Rescue Plan’s inclusion of a Restaurant Revitalization Fund, the hardest hit small business restaurants across Michigan’s Great Southwest can apply for relief from a nationwide pot of money topping $28.6-billion through the Small Business Association, or SBA.
With the restaurant industry among the hardest-hit sectors during the COVID-19 pandemic, Cornerstone Alliance is encouraging all owners of small restaurants in Southwest Michigan to take advantage of the funding available through the program.
The SBA has announced details on application requirements, eligibility, and is providing a program guide for the Restaurant Revitalization Fund (RFF), a $28.6 billion fund that they will administer for the hardest-hit small restaurants.
Eligible business 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
Ahead of the application launch and over the next two weeks, the SBA will establish a seven-day pilot period for the Restaurant Revitalization Fund application portal and conduct extensive outreach and training. The pilot period will be used to address technical issues ahead of the public launch. Participants in that pilot will be randomly selected from existing PPP borrowers in priority groups for the RRF and will not receive funds until the application portal is open to the public.
Following the pilot period, the application portal will be opened to the public. The official application launch date will be announced at a later date. For the first 21 days that the program is open, the SBA will prioritize reviewing applications from small businesses owned by women, veterans, and socially and economically disadvantaged individuals.
If you have questions or if you need assistance through the process, you can contact the SBA call center support team at 1-844-279-8898 (Hours: Monday-Friday 8am-8pm ET) or Brandon Campbell, the Women’s Business Center Director for Cornerstone Alliance via e-mail at bcampbell@cstonealliance.org for assistance.
Click the link below to view the program details:
https://www.sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund?
