Restaurant Revitalization Funds to assist struggling businesses

The Small Business Administration is reminding restaurants within the community that the registration for the Restaurant Revitalization Fund starts on April 30. As part of “The American Rescue Plan Act,” the goal of the program is to provide funding to help restaurants and other eligible businesses keep their doors open. SBA Mississippi District Director, Janita Stewart says financial assistance is just a click away. She explains,

“I’m happy to share that on Friday, April 30, the registration of this grant program will be at 8 a.m, CT, and then right on the heels of that, the grant application portal will go live on Monday, May 3rd at 11 a.m, CT. So, we’re now in the process to help restaurants, food trucks, food carts, caterers, bakeries, bars, wineries, and more.”

Stewart goes on to advise that eligible businesses may receive funding equal to their pandemic-related economic revenue loss per location, with a maximum of up to $10 million per business and a minimum of $1000. Per the Restaurant Revitalization Fund recipients are not required to repay the funding as long as funds are used for eligible reasons by March 11, 2023. The director also says businesses that have received a Paycheck Protection Program loan, better known as a PPP loan, may still be eligible for the grant.

“Those who have received PPP loans, that amount will be deducted from the eligible grant amount, of course on a case-by-case basis. So it doesn’t disqualify you if you’re a restaurant and you’ve received a PPP loan, hopefully, your PPP loan was forgiven.”

Stewart says that funding for the grant will be given on a first-come, first-serve basis, with priority to women, veteran, and economically disadvantaged-owned businesses. She also says that a one-hour training course will be offered through the SBA website. For more information on the RRF grant please click here.