Restaurants, bars and other food and drink establishments across Michigan hard hit by COVID-19 can now apply for funds from the $28.6 billion in federal Restaurant Revitalization Fund direct relief being provided by the U.S. Small Business Administration (SBA) under the American Rescue Plan.
“Restaurant owners and other food establishments have made incredible sacrifices over the past year to keep their communities safe and slow the spread of COVID-19,” said Governor Whitmer. “This vital relief will help ensure they can keep their doors open and continue to serve their communities while also ensuring their workers can stay employed entering the critical summer season.”
Registration for the funding will begin on Friday, April 30, 2021, at 9 a.m. ET with the application itself opening on Monday, May 3, 2021, at noon ET.
For the first 21 days that the program is open, the SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. All eligible applicants are encouraged to submit applications as soon as the portal opens. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis with the online application remaining open to any eligible establishment until all funds are exhausted.
Businesses eligible for the Restaurant Revitalization Fund include restaurants; food stands, food trucks, food carts; caterers; bars, saloons, lounges, taverns; brewpubs, tasting rooms, taprooms; breweries, wineries and distilleries; and bakeries.
The minimum funding awarded will be $1,000 with businesses that remain open eligible to receive funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location.
The fund includes $9.5 billion in set-asides specifically for smaller businesses: $5 billion for applicants with 2019 gross receipts of not more than $500,000; $4 billion is set aside for applicants with 2019 gross receipts from $500,001 to $1,500,000; and $500 million for applicants with 2019 gross receipts not more than $50,000. Recipients would not be required to repay the funding if the funds are used for eligible expenses no later than March 11, 2023.
Other resources for economic reopening efforts as well as businesses across Michigan struggling with economic losses as a result of the COVID-19 virus can be found online at michiganbusiness.org/covid19. To learn more about MEDC’s COVID-19 response programs and the impact they are having on economic recovery efforts, visit michiganbusiness.org/covid19response.