$28.6 Billion Federal Grant to Support COVID-Hit Food Industry Is Now Accepting Applications
The Small Business Administration has announced they are now accepting applications for the $28.6 billion grant program to help restaurants, bars, food truck and even caterers who are impacted by the COVID-19 pandemic.
Called the Restaurant Revitalization Fund, the multibillion grant program was created through the pandemic relief legislation signed into law in March.
Among eligible grant recipients include restaurants, food stands or trucks, bars or lounges, caterers or similar businesses where the primary purpose is serving food or drinks.
$5 billion of the program is set aside for the smallest businesses with 2019 gross receipts of $500,000 or less. The grant will be equalt to the business’s pandemic-related revenue loss, limited to $5 million per physical location and $10 million total for the applying business entity.
In order for the applicant to be eligible, on-site sales to the public must have comprised of at least 33% of the entity’s gross receipts in 2019.
For more information on the Restaurant Revitalization Fund, visit https://www.sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund.