Restaurant Revitalization Fund Opens May 3April 28, 2021
The Biden administration is looking to launch the new $28.6 billion restaurant grant program on May 3. The Restaurant Revitalization Fund will provide a lifeline to one of the industries hardest-hit by the pandemic.
The U.S. Small Business Administration (SBA), which is responsible for administering the program, confirmed the May 3 start date yesterday, on April 27.
The grant was established as a part of President Joe Biden’s economic relief package. Even though the law was passed by Congress along party lines, the efforts for restaurant rescue have bipartisan support.
The restaurant rescue program is similar to the Shuttered Venue Operators Grant (SVOG), which Congress created in December. The SBA had some technical issues with rolling out SVOG, and only recently reopened applications after scrapping an initial April 8 launch.
To avoid similar technical issues with the restaurant program, the SBA plans to run a week-long pilot program before the official launch. The first 21 days after the program opens will give priority to businesses owned by women, veterans, and socially and economically disadvantaged individuals.
Application guidance and program details can be found on SBA’s dedicated website.