Congressman Vicente Gonzalez announced that applications for the Restaurant Revitalization Fund will open on Monday, May 3 at 11 a.m. CST, making billions in direct aid available to independent restaurants, bars, food trucks, caterers and others in the food and drink industry impacted by COVID-19. The Fund was established by the American Rescue Plan Act of 2021, which Congressman Gonzalez supported and was signed into law by President Joe Biden on March 11, 2021. The Restaurant Revitalization Fund will provide a total of $28.6 billion in direct relief funds to restaurants and other food establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic.
Businesses are encouraged to register before the application opens. Registrations are happening now. For more information on the Restaurant Revitalization Fund and to register, click here.
“After an enormously tough year for restaurants, the Restaurant Revitalization Fund is finally here,” said Congressman Gonzalez. “The Fund, enacted as part of the American Rescue Plan Act, will provide much need relief to restaurants, food trucks, caterers and other business owners in the food and drink industry in South Texas. I encourage those who are eligible to register on Friday and to visit the Small Business Administration’s website for more information about the process.”
In preparation, the SBA recommends qualifying applicants familiarize themselves with the application process in advance to ensure a smooth and efficient application experience, specifically by:
- Registering for an account in advance at restaurants.sba.gov starting Friday, April 30, 2021.
- Reviewing the official guidance, including program guide, frequently asked questions, and application sample.
- Preparing the required documentation.
- Working with a point-of-sale vendor or visiting restaurants.sba.gov to submit an application when the application portal opens. [Note: If an applicant is working with a point-of-sale vendor, they do not need to register beforehand on the site.
- Applications open on Monday, May 3, 2021 at 11 a.m. CST
Grants under the Restaurant Revitalization Fund program are tax-free federal grants and do not need to be repaid. They are also more flexible than funds under the Paycheck Protection Program, answering a call from restaurant and bar owners for more versatile relief funds. Restaurants can use this new funding to cover a range of expenses other than payroll, including rent, construction, maintenance and more.
The program makes up to $5 million in grants available per restaurant location, or $10 million per restaurant group, based on total loss in revenue between 2019 and 2020. It specifically sets aside $5 billion for businesses with less than $500,000 in 2019 annual revenue.
A wide variety of businesses in the food and drinks industry are eligible for the program — including food trucks, food stands, breweries and caterers — and businesses can apply for a grant even if they have already received a PPP loan.