Two new federal funding sources are now available to help local businesses:
Restaurant Revitalization Fund (RRF): The $28.6 billion Restaurant Revitalization Fund, authorized by the March stimulus bill, is now taking applications for grants for restaurants, bars, and other similar places of business that serve food or drink. The purpose of this funding is to provide support to eligible entities that suffered revenue losses related to the COVID-19 pandemic.
This program provides 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 if funds are used for eligible uses no later than March 11, 2023.
Funds will be available until expended. For more information, visit the SBA RRF website: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund
Shuttered Venue Operators Grant (SVOG): The Shuttered Venue Operators Grant (SVOG) is a $15 billion grant assistance program to shuttered venues that will be administered by the Small Business Administration’s Office of Disaster Assistance. The grant is open to live venue operators, promoters, theatrical producers, live performing arts organizations, museums, zoos, aquariums and theaters. SVO grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.
For more information, visit the Shuttered Venue Operators Grant (sba.gov) https://www.sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund