NASHVILLE, Tenn. (WTVF) — Struggling restaurant and bar owners will soon be able to get help rebounding from the pandemic thanks to a new fund from the U.S. Small Business Administration (SBA).
The $28.6 billion Restaurant Revitalization Fund impacts more than just bars and restaurants. It also applies to food trucks, caterers, bakeries, breweries and more. With this, the SBA is focused on making applications and giving out money more streamlined, accessible and inclusive.
WHAT YOU NEED TO KNOW:
The program is offering debt-free support equal to the earnings that businesses lost due to the pandemic – up to $10 million per business and 5 million per physical location.
They also won’t have to pay it back if it is spent before March 11, 2023.
All applications will be accepted as soon as the program launches at noon this coming Monday. However, for the first few weeks, the SBA will prioritize small businesses owned by women, veterans or socially and economically disadvantaged individuals in getting the funds.
After that time frame is up, it will go in the order the applications came in until the money runs out. If you want to apply, you can register in advance starting Friday at 9 a.m. at restaurants.sba.gov.
WHAT CAN THE MONEY BE USED FOR?
The list is extensive, but a few items include, payroll, mortgage, outdoor seating construction, protective equipment employee benefits and paid sick leave. Those all have the green light for businesses to use the funds on.
What is the rebound?
As Middle Tennessee works to rebound from the impact of the Coronavirus, we want to help. Whether it's getting back to work, making ends meet during this uncertain time, or managing the pressure, we're committed to finding solution. In addition, we want to tell your stories of hope, inspiration, and creativity as Middle Tennessee starts to rebound.
Find more in the sections below
More Safely Back to School storiesHow schools are changing, and what you can do to help your child get the most from their education, in-person or virtual
Getting Back To WorkLearn about the latest job openings, how to file for benefits and succeed in the job market.
Making Ends MeetFind help on topics from rent to food to new belt-tightening techniques.
Managing the PressureFeeling isolated or frustrated? Learn ways to connect with people virtually, get counseling or manage your stress.
Doing What’s RightKeep track of the way people are spending your tax dollars and treating your community.
State of EducationFind ways to cope with the new normal around schools and celebrate students’ success in the age of Coronavirus.
We're Open Y'allSupport local businesses doing their best to stay open and serve their customers during Covid.