Financial relief for food and beverage businesses
UPDATE (04/30/2021): SBA will begin accepting applications via the application portal on Monday, May 3 at 12 p.m. EDT. The application portal will remain open to any eligible establishment until all funds are exhausted.
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Do you work for, own, or know a food or beverage business that faced hardship as a result of the Covid-19 pandemic? If so, the business may be eligible for grants ranging from thousands to hundreds of thousands of dollars.
Any time now, the Small Business Association will begin accepting applications for grants of up to $5 million per establishment. The program, known as the Restaurant Revitalization Fund, is funded by the federal government and aims to help restaurants, caterers, bars, lounges, inns, saloons, taverns, bakeries, breweries, wineries, tasting rooms, and food trucks, carts, or stands recover from financial hardships. Food and beverage businesses that have been in operation on or before January 1, 2019 to present — even those currently in the pre-opening process — have likely incurred eligible expenses that can be covered by this grant.
Important details
Details of this program are still unfolding. Here is what we know as of April 28, 2021:
The application portal opens in early May and funds will be given on a first-come, first-served basis.
Qualified expenses include everything from construction for outdoor seating to basics like rent, utilities, and payroll.
To improve the odds of a successful application, businesses are encouraged to prepare their application now so they can submit it as soon as they are being accepted.
Webinars describing how the Restaurant Revitalization Fund works, eligible expenses, the application process, and updates are available every Monday, Wednesday, Friday via Zoom through to May 10, 2021. To register, click here.
Small Business Development Center Consultants are on hand to help you prepare your application and can provide assistance in a variety of languages. Once you have attended a webinar, call SBDC to schedule one-to-one assistance at 1-800-616-7232, book an appointment online, or directly email one of the consultants below. They can help you confirm whether your business is eligible, calculate your potential grant amount, and answer questions about the application and documentation required.
Mike Daniel: midaniel@fullerton.edu
Uriel Arguelles: uriel.arguelles@ociesbdc.com
Craig Russom: craig.russom@ociesbdc.com
It bears repeating: this is a new program that may be subject to change or expansion in the days and weeks ahead. To keep up with any changes or new funding opportunities, consider attending the webinars on a regular basis.
