(KNSI) – More help is on the way for bars, restaurants, and other similar small businesses to help keep their doors open.
The Small Business Administration’s Restaurant Revitalization Fund will provide $28.6 billion in emergency assistance for qualifying businesses hit hard by the COVID-19 pandemic.
These tax-free federal grants are available for the amount equal to pandemic-related revenue losses up to $10 million, but no more than $5 million per location. Restaurant owners will not be required to pay back the money as long as it is used for qualifying expenses no later than March 11th, 2023.
The SBA application portal opens Friday, April 30th. Applications open May 3rd and will be taken until all the money is gone. Bakeries, breweries, caterers, food trucks, and wineries and bars, and restaurants can all apply for the grants, and funds are distributed on a first-come, first-served basis.
The SBA recommends applicants familiarize themselves with the application process and fill out the required documentation ahead of time. Find a guide and sample application by clicking here.
Apply for a grant by clicking here.
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