NEW ORLEANS — On Friday morning, Mayor Cantrell held a press conference to discuss the local impacts of the recently announced $28.6 billion Restaurant Revitalization Fund, as part of the American Rescue Plan.
The funds are designed to provide direct relief funds to restaurants and other hard-hit food and drink establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic.
“It goes without saying that the restaurant and food industry is one of the drivers of the spirit of New Orleans and our people. This announcement is the perfect example of how the Stimulus Command Task Force through the Case Management working group will identify opportunities for businesses and individuals to access resources. Democratizing information is critical for our people to know what is available and how we are partnering with external agencies and organizations to get the resources on the ground. I appreciate the work of the Biden Administration and Congress to get this passed back in March,” said Mayor LaToya Cantrell. “The Restaurant Revitalization Fund is a huge opportunity for our restaurants, bars, and the food industry on their road to recovery.”
Small Business Administration (SBA) has opened up a portal to register to apply for the Restaurant Revitalization Fund. The application process will begin on Monday, May 3, at 11 a.m. The application process will remain open until all funds have been exhausted. Register in advance at restaurants.sba.gov.
The Restaurant Revitalization Fund will allow eligible entities access to grants to cover the difference between an entity’s 2019 and 2020 revenue. It will provide up to $10 million per business and no more than $5 million per physical location.
Eligible entities include restaurants, bars, food trucks, brewpubs, saloons, inns, taverns, tasting rooms, food carts, and caterers. The Restaurant Revitalization Fund allows funds to be used towards payroll, mortgage or rental payments, supplies, general food and beverage cost, and paid sick leave.
“For the first 21 days of the program, the Small Business Administration will prioritize applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. It is critical to apply as soon as the portal opens because after the 21 days, the funds will go on a first-come, first-served basis,” said Jeffrey Schwartz, Director, Office of Economic Development.