New fund coming out soon for restaurants impacted by COVID-19

New fund coming out soon for restaurants impacted by COVID-19

CHARLOTTESVILLE, Va. (WVIR) - Restaurants will soon have an opportunity to receive funds to help get them through the coronavirus pandemic through the American Rescue Plan Act of 2021.

The Restaurant Revitalization Fund will provide a total of $28.6 billion in grants to help food-service businesses impacted by the pandemic. The Central Virginia Small Business Development Center is encouraging restaurants that qualify to apply as soon as this money becomes available.

This grant allows restaurants to apply for up to $10 million per restaurant, or $5 million per location.

Restaurants must apply for a DUN & Bradstreet number and register with the federal government’s System of Award Management (SAM) system as soon as possible in order to be eligible for the money.

Businesses that qualify for this money include restaurants, food stands, food trucks, caterers, taverns, bars, lounges, and tasting rooms just to name a few.

“If a business is not registered with SAM, they cannot apply for this grant. It takes about seven days for that registration to come through and this is a first-come-first-serve,” Central Virginia Small Business Development Center Director Rebecca Haydock said. “As a restaurant owner or bar owner, or a food truck owner, if you feel that this grant can help you open and be successful in 2021, please apply.”

Haydock says she believes restaurants will be able to apply for this loan as soon as April 8 through the SBA. If you have questions about applying for this grant, you’re encouraged to call the Central Virginia Small Business Development Center at 434-295-8198 or send an email to contact@cvsbdc.org.

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