Restaurant Revitalization Fund Start Date is April 30, 2021 – SBA Restaurant Grant

 

The SBA announces that the start of the new Restaurant Revitalization Fund will start April 30, 2021. This new SBA Grant for Restaurants will provide up to $10 million dollars in Covid-19 financial help for small businesses that are in the foodservice industry.

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LINK TO VIDEO OF DETAILS OF THE RESTAURANT REVITALIZATION FUND – https://youtu.be/uclrfnxqUVA

LINK TO SBA PORTAL FOR RESTAURANT REVITALIZATION FUND REGISTRATION – https://restaurants.sba.gov/requests/…

DISCLAIMER
This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Freedomtax Accounting and Multiservices Inc. is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. Freedomtax Accounting and Multiservices Inc. or its members cannot be held liable for any use or misuse of this content.

The SBA press release published on 4/27/21 read as follows:

“SBA Administrator Guzman Announces Application Opening for $28.6 Billion Restaurant Revitalization Fund

Fund prioritizes direct relief to women, veterans, and socially and economically disadvantaged individuals, and includes $9.5 billion in set-asides for smaller businesses

WASHINGTON – SBA Administrator Isabella Casillas Guzman today announced the U.S. Small Business Administration will begin registrations on Friday, April 30, 2021, at 9 a.m. EDT and open applications on Monday, May 3, 2021, at noon EDT for the Restaurant Revitalization Fund. The online application will remain open to any eligible establishment until all funds are exhausted.

“Restaurants are the core of our neighborhoods and propel economic activity on main streets across the nation. They are among the businesses that have been hardest hit and need support to survive this pandemic. We want restaurants to know that help is here,”

The SBA has focused on the marketplace realities of our food and beverage businesses in designing the Restaurant Revitalization Fund to meet businesses where they are. And we are committed to equity to ensure our smaller and underserved businesses, which have suffered the most, can access this critical relief, recover, and grow more resilient.”

Established under the American Rescue Plan, and signed into law by President Joe Biden on March 11, 2021, the Restaurant Revitalization Fund provides a total of $28.6 billion in direct relief funds to restaurants and other hard-hit food establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic. This program will provide restaurants 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.

“Recognizing the great urgency to help restaurants keep their doors open – and with a clear mandate from Congress – the SBA worked at a breakneck speed and is excited to launch this program,” said Patrick Kelley, SBA Associate Administrator, Office of Capital Access. “From day one, we engaged with diverse stakeholders in the food industry community to make sure we built and delivered the program equitably, quickly, and efficiently.”
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 sba.gov starting Friday, April 30, 2021, at 9 a.m. EDT.

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 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.]

For the first 21 days that the program is open, the SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. All eligible applicants are encouraged to submit applications as soon as the portal opens. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.

 

Transcript

Good news for restaurant owners. The SBA has just announced when their restaurant funding program is going to start. So, your restaurant can get additional financial help from the SBA to help you get through this coronavirus pandemic; that’s what we’re going to talk about in this video.  

Hello from Freedom Tax Accounting we’re an accounting firm where we have been providing quality tax and accounting services now for over 20 years.  

We wanted to do this quick update to let you know that the SBA let me show you the SBA has just announced, with this news press release the date of the opening of their restaurant revitalization fund. If you don’t know what this fund is, it is basically a new grant program from the SBA for the foodservice industry okay. Remember that if you qualify for these funds your restaurant can get up to 10 million dollars in funding in financial help that if you use them correctly you basically don’t have to pay these funds back. So, this is basically a grant that the SBA is providing to restaurants but this funding program does have some specific rules. If you don’t know anything about how this fund program works, we have done a video in the past where we are linking that video right now on the top right of this video. And we will also put a link to that prior video that shows you the details of this fun program. We’re going to put a link to that prior video we did in the description of this video. 

So, basically, the SBA just announced that they will start the registration process on Friday, April 30th but start accepting applications on Monday, May 3rd. Now, what does that mean? If you read this press release further down, basically they are saying that the first step is that you need to create an account with the SBA and they are going to start opening accounts on Friday, April 30th. And you need to go to this website right here okay. So, on Friday, April 30th you can log into this website, which will provide a link to this website on the description of this video and you need to register to start your application. If you try to do this now, it will not let you create your account. So, this process of creating your account will start on Friday, April 30th. Then after you create the account, on Monday, May 3rd, you need to log back into your account and do the actual application okay.  

So, basically, that’s the process you need to do according to this SBA press release. So, once again, this is good news for restaurant owners for the food industry. Once again, if you know nothing about this funding program, we’re going to put a link to a video we did earlier this week in the description of this video, so you have the details on how much you can get through this funding program and how the grant process works okay. 

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Thank you for watching. God bless you. Bye-bye.

 

#restaurantrevitalizationfund #sbagrantforrestaurants #sbarestaurantgrant #sbagrants

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