SOURCE: News release from Indiana Small Business Development Center
INDIANAPOLIS – The U.S. Small Business Administration is launching the Restaurant Revitalization Fund to provide relief for the restaurant and food service industry, which has been disproportionately affected by the COVID-19 pandemic. Demand for this funding is high, so the Indiana Economic Development Corporation (IEDC) and the Indiana Small Business Development Center (Indiana SBDC) are encouraging Hoosier businesses to register and apply for funding through this program as soon as possible.
Through the Restaurant Revitalization Fund, eligible businesses may receive awards between $1,000 and $5 million per location to offset expenses, such as payroll, supplies, and operating expenses, incurred between Feb. 15, 2020, and March 11, 2023. Interested businesses may register starting today, Friday, April 30, at 9 a.m. EDT, and the portal to submit applications will open on Monday, May 3, at 12:00 p.m. EDT.
To help Hoosier restaurant and food service owners apply for and access available funds, the Indiana SBDC is partnering with gener8tor to offer no-cost webinars, including two in Spanish. The first webinar is scheduled for today at 3 p.m. EDT. Consultations and application assistance will also be offered through designated virtual office hours beginning next week. In addition, Spanish interpretation services will be offered through the regional Indiana SBDC offices. Specific dates, times and more details are available on the Indiana SBDC website.
“Indiana restaurants and food service owners were quick to respond and pivot during the height of the pandemic,” said David Watkins, state director for the Indiana SBDC. “We’re grateful for their perseverance and want them to know more federal funding will be available through this new relief program. It is vital for eligible Indiana businesses to apply as soon as possible, as we anticipate these federal funds will be distributed quickly across the nation.”
RESTAURANT REVITALIZATION FUND
- The SBA may provide funding up to $5 million per location, not to exceed $10 million total for the applicant and any affiliated businesses.
- The minimum award is $1,000.
- Eligible expenses include business expenses such as payroll, supplies, and operating expenses, construction of outdoor seating and some business debt.
- Funds must be spent on expenses that were/are incurred between February 15, 2020 and March 11, 2023.
- Eligible entities are businesses that are not permanently closed and include businesses where the public or patrons assemble for the primary purpose of being served food or drink.
- This includes:
- Food stands, food trucks, food carts
- Bars, saloons, lounges, taverns
- Snack and nonalcoholic beverage bars (e.g., coffee shops, ice cream shops)
- Bakeries (onsite sales to the public comprise at least 33% of gross receipts)
- Brewpubs, tasting rooms, taprooms* (onsite sales to the public comprise at least 33% of gross receipts)
- Breweries and/or microbreweries* (onsite sales to the public comprise at least 33% of gross receipts)
- Wineries and distilleries* (onsite sales to the public comprise at least 33% of gross receipts)
- Inns* (onsite sales of food and beverage to the public comprise at least 33% of gross receipts)
- Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products
- Other similar places of business in which the public or patrons assemble for the primary purpose of being served food or drink
Register & Apply
Registration, more details and the application are available at sba.gov/restaurants. Account registration opens today, Friday, April 30, at 9:00 a.m. EDT, and the portal to submit applications will open Monday, May 3, at 12:00 p.m. EDT.
For more information on available recovery and relief resources, programs and grants available to small businesses, including the Indiana Small Business Restart Grant and Indiana Hospitality and Entertainment Grant, please visit isbdc.org/covid-resources.
About Indiana SBDC
The Indiana Small Business Development Center (Indiana SBDC) is a program of the Indiana Economic Development Corporation, which leads the state of Indiana’s economic development efforts. The Indiana SBDC helps entrepreneurs launch, grow and locate businesses in the state, providing entrepreneurs with expert guidance and resources on how to start and grow a business. With a network of 10 regional offices through the state, the Indiana SBDC creates a positive and measurable impact on the formation, growth and sustainability of Indiana’s small businesses.
The Indiana SBDC is funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA. For more information about the Indiana SBDC, visit www.isbdc.org.