Food And Drinks

Revitalization Fund To Help With Restaurants, Bars Following COVID Rules – CBS Detroit

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(CBS DETROIT) – Governor Gretchen Whitmer encouraged restaurants, bars, and other food and beverage companies across Michigan hard hit by COVID-19 to apply for $ 28.6 billion for the Federal Restaurant Revitalization Fund.

Suitable companies are restaurants; Food stalls, food trucks, food trucks; Caterers; Bars, salons, lounges, taverns; Brewpubs, tasting rooms, taprooms; Breweries, wineries and distilleries; and bakeries.

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The minimum funding is $ 1,000, with companies remaining open eligible for funding equal to their pandemic-related loss of revenue of up to $ 10 million per company and a maximum of $ 5 million per physical location.

Direct relief is provided by the US Small Business Administration under the American Rescue Plan.

Registration because the funding started Friday with the application opening on Monday, May 3rd at 12:00 PM EDT.

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For the first 21 days that the program is open, the SBA will prioritize funding requests from companies owned and controlled by women, veterans, and socially and economically disadvantaged people. All eligible applicants will be asked to submit their applications as soon as the portal opens. After the 21 days have expired, all eligible applications will be funded based on availability, with the online application remaining open to all eligible institutions until all funds have been used up.

The fund includes $ 9.5 billion of shutdowns dedicated to smaller businesses: $ 5 billion for applicants with 2019 gross income of no more than $ 500,000; Applicants with 2019 gross receipts of $ 500,001 to $ 1,500,000 are earmarked $ 4 billion. and $ 500 million for applicants with 2019 gross income of no more than $ 50,000. Beneficiaries would not be required to repay the funds if the funds were used for eligible expenditure by 11 March 2023 at the latest.

You can find more information about the Restaurant Revitalization Fund atsba.gov/restaurants.

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