New program offers a helping hand to Utah restaurants, other businesses
SALT LAKE CITY — One of the first industries to feel the brunt of pandemic closures is about to receive a helping hand–Utah restaurants.
The Restaurant Revitalization Fund, a new program created by the Small Business Administration (SBA), consists of $28.6 billion. It will soon be available to restaurants nationwide. And don’t let the title discourage you. The Small Business Administration Utah said many types of food-related businesses can apply.
“Restaurants, food stands, food trucks, food carts, caterers, and bars,” are all among those businesses that can quality said Siobhan Carlile with the SBA Utah.
The program begins May 3, 2021.
For the first 21 days, the SBA will give priority to business owners who are women, veterans, and those socially or economically disadvantaged. After that, the funds will be made available to businesses on a first-come-first-served basis.
A single business could receive up to $10 million (or $5 million per location). The amount of money a business can qualify for will be based on the difference between pre-pandemic and post-pandemic gross receipts.
The grant program was authorized under the American Rescue Plan Act. The amount of money a business may receive will be reduced if a business has already received help from PPP loans.
The SBA assumes this will be a very popular program. They advise business owners who would like to apply to prepare early. Beginning Friday, April 30, create an account at the Restaurant Revitalization Portal.
Learn about and then gather the documentation you will need, which may include tax forms, business tax returns, bank statements, etc.
And finally, attend a virtual training seminar which is also available at the Restaurant Revitalization Portal.
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