Washington, D.C. – U.S. Senator John Hickenlooper, a former brewpub owner, welcomed the Small Business Association’s announcement today that applications will open on Monday, May 3, 2021, at 10 am MT for the Restaurant Revitalization Fund, 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 $28.6 billion program was created under the American Rescue Plan, which was recently passed by Congress.
Businesses are encouraged to register before the application opens. The SBA will begin registrations on Friday, April 30, 2021, at 7 am MT.
Last week, Hickenlooper hosted a seminar with the Colorado Restaurant Association and Colorado office of the Small Business Administration to walk more than 200 business owners through the application process. Video of the event is available HERE.
For more information on the Restaurant Revitalization Fund and to register, click HERE.
“Local bars and restaurants struggled, sacrificed and innovated to keep their doors open and the public safe,” said Hickenlooper. “Now, help is on the way. The Restaurant Revitalization Fund will deliver the aid restaurants urgently need to survive the pandemic and continue serving their communities.”
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 versatility with relief funds. Restaurants can use this new funding to cover a range of expenses besides 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.
Hickenlooper, sits on the U.S. Senate Committee on Small Business and Entrepreneurship which oversees the SBA.