HYANNIS – The Small Business Administration has released guidelines for businesses hit hard by the COVID-19 pandemic looking to apply for the Restaurant Revitalization Fund.
The program provides debt-free support for small businesses suffering financially due to the ongoing pandemic between 2019 and 2020.
The program provides funding for pandemic-related revenue losses of up to $10 million per business and no more than $5 million per location.
The funds can only be used on expenses incurred between February 15, 2020 and March 11, 2023.
Eligible expenses include payroll, mortgage, rent, utilities, maintenance, outdoor seating construction, personal protective equipment, cleaning materials, food and beverages, operational expenses and principal business payments for business debt.
Businesses looking to apply can do so through SBA-recognized Point of Sale Restaurant Partners or directly through SBA via their online portal.
Applicants will require verification of tax information and any number of gross receipts documentation.
The SBA’s official page on the Restaurant Revitalization Fund can be found here.
A application assistance phone line can also be reached at 1 (844) 279 8898, Monday through Friday from 8 am to 8 pm.
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