San Antonio restaurant and bar owners this month have another option for potential financial relief, thanks to grants from the Small Business Administration’s Restaurant Revitalization Fund.
The program, launched on May 3, aims to provide economic aid to restaurants and other dining establishments struggling to make ends meet due to the pandemic. It is now accepting applications.
In the two days since the program launched, the SBA received more than 186,000 inquiries from restaurants and other food and beverage companies in all 50 states and the District of Columbia.
According to the SBA, $ 28.6 billion is available through tax-free grants to qualifying businesses. Restaurants and bars are eligible for economic assistance equal to their lost revenue from the pandemic with a cap of $ 10 million per business and $ 5 million per location. The funds are available for uses including payroll and rent.
While all qualified companies are allowed to apply, the SBA will prioritize applications from small businesses owned and controlled by women, veterans and economically disadvantaged people until May 24. served base.
Of that total, $ 9.5 billion has also been set aside for smaller restaurants and bars – including millions of dollars for restaurants, bars and food trucks with revenues of less than $ 50,000.
Interested and eligible business owners can download an app at Small Business Administration website.