Veteran-owned food businesses get priority in new cash assistance program

A new economic assistance program for foodservice operators will begin accepting registrations on April 30, 2021, and for the first three weeks, veterans will receive priority treatment.

The Restaurant Revitalization Fund, which is part of the American Rescue Plan Act of 2021, will be administered by the Small Business Administration (SBA) and will provide economic assistance to food service owners affected by the COVID-19 pandemic.

The program will provide business owners with direct cash grants to offset losses they may have suffered due to the numerous COVID-19 closures imposed by state and local governments and other economic factors that may have affected their businesses. commercial operations.

Registration begins at 9 a.m. on April 30 and applications are accepted until May 3 at noon. Applications from companies owned by veterans, women and socially or economically disadvantaged people will be given priority consideration during the first 21 days of the program. After that, all requests will be processed in the order received. The program will continue until its $ 9.5 billion funding is exhausted.

Although the program is implemented and administered by the Small Business Administration, there is no limit to the number of employees an eligible business can have.

Two other assistance programs created by the federal government last year to help small businesses affected by the COVID-19 pandemic ran out of funding in record time. These programs had much more funding, but were not limited to food service companies.

The new program will provide direct cash payments for lost income from the pandemic to eligible catering businesses, including:

  • Restaurants;
  • Catering stands, food trucks and catering carts;
  • Caterers;
  • Bars, saloons, lounges and taverns;
  • Snack bars and non-alcoholic drinks;
  • Bakeries whose on-site sales represent at least 33% of gross receipts;
  • Breweries, breweries, tasting rooms, taprooms, wineries and distilleries whose on-site sales account for at least 33% of gross receipts;
  • Hostels where on-site sales represent at least 33% of gross receipts; and
  • Licensed alcohol producers who allow the public to taste, sample or purchase products.

There is a limit of $ 10 million in funding per business. The money does not have to be refunded as long as it is used in accordance with the regulations.

“Restaurants are the heart of our neighborhoods and propel economic activity on the main streets of the country,” said Isabella Casillas Guzman, administrator of the SBA. said in a press release. “They are among the companies that have been hit the hardest and need support to survive this pandemic. We want restaurants to know the help is there.”

For more information

For more information visit sba.gov/restaurants or consult the program guide on https://www.sba.gov/document/support-restaurant-revitalisation-funding-program-guide.

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