Rep. Maloney Announces Application Opening For $28.6B Restaurant Revitalization Fund
WASHINGTON, DC – Today, Congresswoman Carolyn B. Maloney (D-NY) announced that applications for the Restaurant Revitalization Fund will open this Monday, May 3 at 12 pm EST, making billions of dollars in direct aid available to independent restaurants, bars, food trucks, caterers, and others in the food and drink industry who have been impacted by COVID-19. Established under the American Rescue Plan, the Restaurant Revitalization Fund will provide a total of $28.6 billion in direct relief to restaurants and other hard-hit food establishments.
“After a challenging year for restaurants, the Restaurant Revitalization Fund will provide much-needed aid to help New York City's food and service industry survive,” said Congresswoman Maloney. “This fund will provide billions in aid to restaurants, food trucks, caterers, and other business owners who have faced incredible challenges during the COVID-19 pandemic. These businesses are vital to our City’s culture and economy and I encourage all those who are eligible to register today. Our City wouldn’t be the same without you.”
The Small Business Administration (SBA) recommends that 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 restaurants.sba.gov starting today, 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 restaurants.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.]
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 provided by 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 drink industry are eligible for the program – including food trucks, food stands, breweries and caterers. Businesses can apply for a grant even if they have already received a PPP loan.