The Small Business Administration will begin accepting registrations for the Restaurant Revitalization Fund applications on April 30 at 9 a.m. EST, with applications opening on May 3 at 12 p.m. EST. The fund provides a total of $28.6 billion in direct relief funds to restaurants and other hard-hit food establishments that have experienced economic distress and significant operational losses due to the pandemic.
For the first 21 days that the program is open, the SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. All eligible applicants are encouraged to submit applications as soon as the portal opens. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.
“Restaurants are the core of our neighborhoods and propel economic activity on main streets across the nation. They are among the businesses that have been hardest hit and need support to survive this pandemic. We want restaurants to know that help is here,” said SBA administrator Isabella Casillas Guzman, in a statement. “The SBA has focused on the marketplace realities of our food and beverage businesses in designing the Restaurant Revitalization Fund to meet businesses where they are. And we are committed to equity to ensure our smaller and underserved businesses, which have suffered the most, can access this critical relief, recover, and grow more resilient.”
Restaurants can attend a virtual training webinars, on Wednesday April 28 at 1:00 p.m. and 2:30 p.m. EST.
“Recognizing the great urgency to help restaurants keep their doors open—and with a clear mandate from Congress—the SBA worked at a breakneck speed and is excited to launch this program,” said Patrick Kelley, SBA associate administrator, office of capital access, in a statement. “From day one, we engaged with diverse stakeholders in the food industry community to make sure we built and delivered the program equitably, quickly, and efficiently.”
In an emailed statement to Restaurant Dive, the National Restaurant Association said that it is concerned that the $28.6 billion fund will run out “in a matter of weeks — possibly only a few" due to high demand.
"We expect that day one numbers will be through the roof," Sean Kennedy, NRA's executive vice president for public affairs, said in a statement. "We will continue to work with the SBA and our members to ensure the application process goes smoothly, even as we're alerting Congress to our concerns about the limits of the current funds."
Related: SBA Encourages Participation in Restaurant Grant Program; Restaurant Relief Fund Injects Optimism Into Industry.