HONOLULU (KHON2) — The U.S. Small Business Administration has announced the application date for the $28.6 billion Restaurant Revitalization Fund.
Businesses may register online here beginning Friday, April 30, at 3 a.m. HST. Applications will open on Monday, May 3, at 6 a.m. HST.
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The online application will remain open to any eligible establishment until all funds are exhausted.
For the first three weeks, the SBA will prioritize funding applications from businesses that are owned and controlled by women, veterans, as well as those who are socially and economically disadvantaged. Applications will then be funded on a first-come, first-served basis.
The Restaurant Revitalization Fund provides direct relief funds to restaurants and other hard-hit food establishments that have experienced losses due to the ongoing COVID-19 pandemic.
Restaurants will be provided with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Funds must be used for allowable expenses by March 11, 2023.
The SBA recommends qualifying applicants to familiarize themselves with the application process:
- Register for an account in advance starting Friday, April 30, at 3 a.m. HST.
- Review the official guidance, including the program guide, FAQs and application sample.
- Prepare the required documentation.
- Work with a point-of-sale vendor or click here to submit an application when the portal opens. [Note: If an applicant is working with a point-of-sale vendor, they do not need to register beforehand on the site.]
- Attend a live recorded virtual training webinar.
The SBA is setting aside $9.5 billion for small businesses; $5 billion for applicants with 2019 gross receipts of not more than $500,000; $4 billion for applicants with 2019 gross receipts from $500,001 to $1,500,000; and $500 million for applicants with 2019 gross receipts not more than $50,000.