Restaurants Can Apply for Financial Help Through the Restaurant Revitalization Fund
Rhode Island-based restaurants that experienced financial hardship during the pandemic can apply for help through the $28.6 billion program.
There’s more pandemic relief for restaurants available but eligible businesses need to apply for it as soon as possible. Between March and December of 2020, local restaurant and food service sales were down 40 percent and staffing levels were down 20 percent on average, and during that time, 47 percent of restaurant owners were considering closing their operations until the pandemic passed.
But there’s hope for the restaurant industry to bounce back in better times. Rhode Island-based restaurants that experienced financial hardship during the pandemic can apply for help through the $28.6 billion Restaurant Revitalization Fund Grant from the U.S. Small Business Administration (SBA). The fund provides restaurants, bars, caterers, inns and other eligible establishments grants equal to their pandemic-related revenue losses. For the first twenty-one days, the fund prioritizes applications from women, veterans and socially and economically disadvantaged individuals, and reserves $9.5 billion for smaller businesses.
“The Restaurant Revitalization Fund will have an immediate impact on Rhode Island’s hardest hit restaurants and will help boost the recovery of our local economy,” says Dale J. Venturini, President and CEO of Rhode Island Hospitality Association. “We’ve been working with the National Restaurant Association and SBA to educate local owners, and we expect that application numbers on the first day will be through the roof. The need for these grants is still very high and it’s likely the $28.6 billion will be depleted quickly, and so we urge restaurant owners to act swiftly and apply as soon as possible, and ask Rhode Island’s federal delegation to continue to fight for additional funding.”
Here what local restaurant owners should know:
-Register and create a SBA portal login and download the application here.
-If a restaurant is using a SBA-recognized Point of Sale system, they can apply directly through that company, rather than register directly on the SBA portal.
-The National Restaurant Association has a Step-by-Step Guide for the application process.