As SBA Launches Restaurant Revitalization Fund Tomorrow, Spanberger Calls on Central Virginia Restaurants to Apply for Federal Grants
Registration for the Fund will Open on Friday, April 30 at 9am, Applications can be Submitted on Monday, May 3 at 12pm
Henrico, April 29, 2021
Tags: Economy & Jobs
HENRICO, V.A. – U.S. Representative Abigail Spanberger today is encouraging Central Virginia restaurants to apply for federal support following the U.S. Small Business Administration’s (SBA’s) announcement that it will open registration for the Restaurant Revitalization Fund (RRF) tomorrow, Friday April 30, and begin receiving applications on Monday, May 3.
The RRF was established under the American Rescue Plan, which Spanberger voted to pass and President Joe Biden signed into law last month. The RRF provides $28.6 billion in direct relief funds to U.S. restaurants and other hard-hit food establishments experiencing economic distress and significant operational losses due to the COVID-19 pandemic. Specifically, this program will provide restaurants with funding equal to pandemic-related revenue losses up to $5 million per location and up to $10 million per business.
Starting tomorrow, Central Virginia restaurant, food truck, bar, bakery, brewery, and winery operators can begin the process of receiving these tax-free grants. Registration for the RRF opens tomorrow, Friday, April 30, at 9am ET and online applications can be submitted starting Monday, May 3 at 12pm ET. Click here for more information about the RRF process from the SBA.
“Here in Central Virginia, we are home to a strong and vibrant restaurant scene. But in conversations with restaurant operators across our region, I’ve heard heartbreaking stories about how they’ve struggled to keep their businesses and their livelihoods afloat under the harsh circumstances posed by the pandemic — and we need to take active steps to ensure our area’s food and beverage community comes out of the pandemic stronger than before,” said Spanberger. “The Restaurant Revitalization Fund focuses on the long-term survival of the restaurant industry — and I hope many Central Virginia restaurants and bars will seriously consider submitting an application. Last month, I was proud to vote in support of the Restaurant Revitalization Fund as part of the American Rescue Plan, and today, my office stands ready to assist our area’s businesses as they prepare to participate.”
Much like the Paycheck Protection Program (PPP), RRF funds can be used to cover payroll costs, utilities, rent, business supplies, and additional expenses.
The SBA recommends that owners of Central Virginia dining establishments take the following steps to make sure their application process runs as smoothly as possible:
· Register at sba.gov starting on Friday, April 30.
· Prepare their required documentation ahead of the application submission portal opening on Monday, May 3.