The restaurant industry has been among the hardest-hit sectors during the COVID-19 pandemic, but relief is on the way. The American Rescue Plan, signed into law by President Biden, established the $28.6 billion Restaurant Revitalization Fund at the U.S. Small Business Administration (SBA). The 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 official launch date will be announced at a later date, but in the first 21 days of the application period, SBA will prioritize reviewing applications from small businesses owned by women, veterans, and socially and economically disadvantaged individuals. The program will then be open to all eligible applicants. Eligible entities include restaurants; food stands, food trucks, and food carts; caterers; bars, saloons, lounges, and taverns; snack bars; bakeries; brewpubs, tasting rooms, and taprooms; breweries and microbreweries; and wineries and distilleries, among others.
