SHREVEPORT, La. (KTAL/KMSS) — Time is running out for restaurants and other food-related establishments to apply for financial assistance due to the COVID-19 pandemic.
Applications for the U.S. Small Business Administration’s Restaurant Revitalization Fund close at 7 p.m. Monday, May 24.
The American Rescue Plan Act established the Restaurant Revitalization Fund to provide money 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.
The following entities that have experienced pandemic-related revenue loss are eligible to register for the Restaurant Revitalization Fund:
- Food stands, food trucks, food carts
- 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
You can apply through SBA-recognized Point of Sale vendors or directly via SBA in a forthcoming online application portal: https://restaurants.sba.gov.
Participating POS providers include Square, Toast, Clover, NCR Corporation (Aloha), and Oracle. If you are working with Square or Toast, you do not need to register beforehand on the https://restaurants.sba.gov application portal.
Click here for more information the Restaurant Revitalization Fund.