By Simon Albaugh – Yemeni American News
For Restaurant and Food Service Businesses that are owned by people of color, women or veterans, the best time to apply for the Restaurant Revitalization Fund is now.
The Restaurant Revitalization Fund – bankrolled by the Small Business Administration – is offering a priority period for eligible food service business owners to apply, ending on May 24, 2021. After that, any restaurant who’s eligible can apply.
“After the priority period, the SBA will accept applications from all eligible applicants and process applications in the order in which they are approved by the SBA,” reads a press release from the City of Detroit.
The RRF offers anywhere between $1,000 to $5 million for each location. The only stipulation is that the funding be spent before Mar. 11, 2023 and should be spent on “business payroll costs, mortgages, rent, utilities, debt, construction of outdoor seating, business supplies, food and beverage expenses, and other operating costs,” according to the Small Business Administration.
The application process is fairly straightforward, with the most important part of the process being that the applicant can prove that they’ve lost money because of the COVID-19 pandemic, and that 33% of sales come from food and beverages. Applicants can apply directly with the Small Business Administration.
After applying with the SBA, applicants can expect to enter an “IRS Verification Status.” While being reviewed, the application can stay in this status for up to seven days.
“It’s urgent that Detroit-area businesses apply before Monday, May 24. During this time range, the Small Business Administration (SBA) will focus funding on Black, POC, Women and Veteran-Owned businesses. Once this time range is over, the SBA will accept applications from everyone who is eligible.”
To contact the SBA directly, call: 1-844-279-8898. Help is available in multiple languages.