As small businesses continue to deal with revenue loss from the pandemic, there are sources of funding that can help. The American Rescue Plan established the Restaurant Revitalization Fund — the registration portal opened today and applications open Monday — and amended the Shuttered Venue Operators Grant to help small businesses.
A local resource for more information is the Kentucky Small Business Development Center, located upstairs from the Greater Owensboro Chamber of Commerce office at 200 East Third Street, Suite 302.
Restaurant Revitalization Fund (RRF)
Registration for the SBA application portal began today (April 30) at 8 a.m. Applications will open on Monday 11 a.m. Register here.
The RRF will provide emergency funding assistance for eligible businesses that are not permanently closed and include establishments where the public or patrons assemble for the primary purpose of being served food or drink. For full eligibility details, click here.
It will provide funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
For the first 21 days, SBA will prioritize awarding funds to small businesses owned and controlled by women, veterans, and/or socially and economically disadvantaged individuals.
After the first 21 days, all eligible applications will be funded on a first-come, first-served basis. The online application will remain open to any eligible establishment until all funds are exhausted.
SBA recommends qualifying applicants prepare by:
- Registering for an account at restaurants.sba.gov starting on April 30
- Visiting the Restaurant Revitalization Fund website to review the official guidance (including program guide, frequently asked questions, and application sample) and prepare the required documentation
- Working with a point-of-sale vendor or visiting restaurants.sba.gov to submit an application when the application portal opens. (Businesses working with a point-of-sale vendor do not need to register beforehand.)
- Calling the support staff at 1-844-279-8898 for additional questions
Shuttered Venue Operators Grant
The Shuttered Venue Operators Grant (SVOG) program provides emergency assistance for eligible venues, including movie theaters, museums, live performing arts organization operators and more, affected by the COVID-19 pandemic.
Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million.
Learn more about the SVO grant and how to apply here.