When the US shut down over one year ago due to the Covid pandemic, not many imagined the virus and its effects would linger this long. One thing is clear, let us be thankful the American government has our back. As a small business owner myself, I can’t express my gratitude for receiving the Paycheck Protection Program funds to maintain payroll while my income and business came to a screeching halt.
Working in the real estate industry for the past 20 years, I’ve experienced many highs and lows in the market. This time I was definitely expecting the worst. Sadly the lives lost due to Covid are heartfelt. No words can express the sadness of loss this pandemic has brought on so many levels across all borders. Landlords have seen huge reductions in their rent collections, office buildings became ghost towns, and restaurateurs lost their livelihood, their life savings and saw their dreams dwindle away.
But there is hope! The Restaurant Revitalization Relief Fund offered by the Small Business Administration (SBA) officially opens for applications on Friday, April 30th, 2021 at 9am (Eastern) which provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19.
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.
If your restaurant experienced losses, please be encouraged to seek help by watching the video below and visit the SBA website to apply for the SBA RRF. Hopefully this assistance will get back on your feet continuing to provide delicious meals to your patrons.
If you are working with Square or Toast, you do not need to register on the SBA portal.
Review the sample application, updated program guide and cross-program eligibility chart on SBA COVID-19 relief options.
SBA Portal https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDcsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTA0MzAuMzk3MDAzNzEiLCJ1cmwiOiJodHRwczovL3d3dy5zYmEuZ292L3Jlc3RhdXJhbnRzP3V0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1nb3ZkZWxpdmVyeSJ9.SKI1BbBut_2bqogbWMGPIczHm0Gt6CmqsaIOnKr9J3A/s/746277620/br/105633179557-l