Restaurants, bar revitalization funding available
One of the hardest hit sectors in San Marcos and across our country has been our restaurants and bars. During the pandemic we’ve seen them adapt to all the changes the government placed in their way. Some were successful, others struggled.
This week the federal government opened the Restaurant Revitalization Fund program that provides emergency assistance for eligible restaurants, bars, and other qualifying businesses that have been impacted by COVID-19. These funds are targeted to open the hardest hit sectors, but people feel the $28.6 billion could run out in weeks.
This program is part of the $1.9 trillion American Rescue Plan Act that was passed by Congress in March of this year. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
For this program the Small Business Administration (SBA) has a priority period. Until May 23 small business owners that are at least 51% owned by one or more individuals who are women, veterans, or socially and economically disadvantaged and socially disadvantaged individuals who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities will be processed first. On May 24, SBA will accept applications from all eligible applicants and process applications in the order in which they are approved by SBA until funds have been exhausted.
Restaurants, bars, and other food establishments are able to apply through SBA-recognized Point of Sale (POS) vendors or directly via SBA. Participating POS providers include Square, Toast, Clover, NCR Corporation (Aloha), and Oracle.
For more information visit the SBA website to learn more about the program details as well as how to apply for the funds. If you have any questions or any issues you can always contact the San Marcos Area Chamber of Commerce at 512-393-5900 and we will be happy to help you navigate the application process.