SBA offers relief funds for restaurants, bars

The Small Business Association (SBA) has opened the application portal for a new grant program targeted to provide emergency assistance for eligible restaurants and bars affected by the COVID-19 pandemic. Established under the American Rescue Plan Act, the Restaurant Revitalization Fund (RRF) will provide $28.6 billion in grants to small businesses to help keep their doors open. The program provides 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 funding as long as funds are administered for appropriated uses no later than March 11, 2023.

Sanders County Community Development Corporation (SCCDC) Executive Director Ray Brown said while no one has inquired about RRF, he has reached out to several eligible businesses in the county to let them know about this funding opportunity. “This is a big one,” Brown stated. “I encourage all eligible businesses to take a look into it. This has absolutely zero to do with the Paycheck Protection Program (PPP) or the Economic Injury Disaster Loan (EIDL).” Brown also noted, for those who have not looked into applying for PPP, to acquire about it now. He says those funds are running out as the program is coming to an end May 31. While Brown will refer interested recipients to the SBA website, SCCDC will also post links on their Facebook page.

SBA will run a priority period for the first 21 days, opening the program for women, veteran-owned and socially or economically disadvantaged businesses. After the priority period, all eligible businesses can apply.

For those operators of live venues and performing arts organizations, the Shuttered Venue Operators Grant (SVOG) was established to provide emergency assistance to venues affected by COVID-19. Eligible entities include, live venue operators or promoters, theatrical producers, live performing arts organization operators, museum operators, motion picture theater operators (including owners) and talent representatives.

SVOG was established by the Economic Aid, which appropriated $15 billion to the program for hard-hit small businesses, nonprofits and Venues Act. When the American Rescue Plan Act was signed into law March 11, an additional $1.25 billion was appropriated to SVOG, bringing the program’s funding total to $16.25 billion. Two-billion dollars of the funding is reserved for eligible applicants with up to 50 full-time employees. The American Rescue Plan Act amended the program so those entities who received a PPP loan on or after Dec. 27, 2020, can also apply for SVOG. A venue or promoter who received a PPP loan will have the SVOG reduced by the PPP loan amount.