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As part of the American Rescue Plan, $28.6 billion has been appropriated for a program known as the Restaurant Revitalization Fund. This fund will provide grants for restaurants and other food establishments to obtain tax-free federal grants of up to $10 million to replace the loss of revenues resulting from the pandemic. These grants are being administered by the federal Small Business Administration (SBA).
The SBA announced that the portal for filing your application for the Restaurant Revitalization Fund will open Friday April 30th at 9 a.m. and you can submit your application on Monday May 3rd at noon. This money will go fast, so we encourage you to apply quickly.
The maximum award is $5 million per physical location up to $10 million per business. The minimum award is $1,000. The program works by taking your 2019 gross receipts and subtracting your 2020 gross receipts. You then subtract any PPP loans you many have gotten. The remaining number is the grant award you are eligible for. If that number is less than $1,000, you do not qualify.
For those who opened part way through 2019 or in 2020 the calculations are a little different, but you could still be eligible.
