SBA announces rules for Restaurant Revitalization Fund

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ALBUQUERQUE, N.M.- Restaurants and other businesses affected by COVID-19 will soon be able to apply for $28.6 billion in emergency assistance, according to the Small Business Administration.

The Restaurant Revitalization Fund was created when President Biden signed the American Rescue Plan earlier this year.

The program gives eligible businesses funding equal to their pandemic-related loses.

“This Restaurant Revitalization Fund, I think, is going to be a game changer for many of these restaurants,” said New Mexico SBA director John Garcia.

According to Garcia, thousands of New Mexico restaurants have been affected by the pandemic, especially the locally-owned businesses.

The SBA said they would announce a start date to start accepting applications once the website they’ll be using has been tested.

Additionally, the first 21 days will prioritize applications from businesses owned by women, veterans or people that economically or socially disadvantaged.

For more information on the Restaurant Revitalization Fund, click here.

Sample versions of the application can also be found by visiting the SBA’s website.

Garcia told KOB the office would be offering businesses webinars and help to get them started on the application.

The number of the New Mexico SBA office is 505-248-8225.