TAZEWELL, VA (LOOTPRESS) — The Small Business Administration is providing restaurants and other businesses emergency assistance with the Restaurant Revitalization Fund (RRF).
This $28.6 billion dollar fund was made possible by the American Rescue Plan that was signed by President Joe Biden. This program will provide owners with funding that is equal to their pandemic-related revenue loss. The fund’s cap at $10 million per business and $5 million per location. Funds can be used for payroll, rent, and other eligible uses.
“Our nation’s restaurants have been among the first and worst hit by this pandemic, which is why we’ve been working as fast as possible to meet businesses where they are and get this much-needed relief into their hands,” said SBA Administrator Isabella Casillas Guzman.
Eligible businesses include:
- Restaurants
- Food stands, food trucks, food carts,
- Bars, Wineries, Tap Rooms, Breweries
- Bakeries
Owners can apply through the Small Business Administration website. The SBA is also giving out sample applications for owners to get documents together before they submit the real application.
The Small Business Development Center at Southwest Virginia Community College located in Cedar Bluff, Virginia is a business counseling center. They are giving out tools and help with the application process. To receive help, businesses must register on the SMBC website.
The SBA are accepting applications for businesses listed but have two different rounds. One round is their priority period. During this 21-day period, women, veterans, and socially and economically disadvantaged will be given funds first.
On day 22 and beyond, all applicants will be given funds on a first come, first serve basis until all funds have been exhausted.
So far, the SBA has received over 186,200 application in the first two days from restaurants and other eligible businesses in the United States.
The SBA will review priority application groups first. Non-priority applications will be reviewed after the first 21 days.