Help could be on the way for struggling restaurants and bars. The U.S. Small Business Administration is reaching out to restaurants and other foodservice businesses that have been adversely affected by the pandemic. $28.6 billion in Restaurant Revitalization Funds are allocated toward relief nationwide.
The first three weeks of the enrollment period, with the application period having started Monday, is reserved for eligible owners who are women, veterans, and socially and economically disadvantaged. After that, it is a first-come, first-serve application. The application will remain open until the funds are spent.
The minimum amount awarded is $1,000, but goes way up to $10 million per business and no more than $5 million per physical location, to make up for pandemic losses. Eligible businesses include restaurants, food trucks, bars, saloons, wineries and distilleries, bakeries, and others.
Brian Calley, President of the Small Business Association of Michigan said, “This is critical relief to some of our hardest hit small businesses. Funds are limited, so I encourage eligible businesses apply as soon as the application window opens to ensure they get the support they need.”
Reporting for WGRT – Jennie McClelland