SBA Restaurant Revitalization Fund
Our local small businesses are the core of our communities and America’s economic engine. Centric Bank values our banking relationships with the restaurants, bars and breweries in our communities. The Restaurant Revitalization Fund is a new resource when exploring pandemic recovery solutions for your establishment.
The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with 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.
How to Apply
You can apply through SBA-recognized Point of Sale (POS) vendors or directly via SBA in a forthcoming online application portal: https://restaurants.sba.gov.
Registration for the SBA application portal will begin on Friday, April 30, 2021, at 9 am ET. Applications will open on Monday, May 3, 2021, at noon ET.
For the first 21 days, SBA will accept applications from all eligible applicants, but only process and fund priority group applications. During this period, SBA will fund applications where the applicant has self-certified that it meets the eligibility requirements for a small business owned by women, veterans, or socially and economically disadvantaged individuals.
Allowable use of funds
Funds may be used for specific expenses including:
- Business payroll costs (including sick leave)
- Payments on any business mortgage obligation
- Business rent payments (note: this does not include prepayment of rent)
- Business debt service (both principal and interest; note: this does not include any prepayment of principal or interest)
- Business utility payments
- Business maintenance expenses
- Construction of outdoor seating
- Business supplies (including protective equipment and cleaning materials)
- Business food and beverage expenses (including raw materials)
- Covered supplier costs
- Business operating expenses
Visit the SBA’s site for complete details: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund