04/28/2021

Ohio COVID News: Restaurant Revitalization Fund to Open May 3

Applications can be accessed beginning at 12 p.m.

Restaurants and other eating and drinking establishments will be able to register for federal help beginning Friday and submit applications beginning Monday, May 3, 2021. 

The U.S. Small Business Administration (SBA) announced that registration for the Restaurant Revitalization Fund application portal will begin at 9 a.m. Friday, April 30. Applications can be accessed beginning at 12 p.m. on Monday, May 3.

The SBA also will host a webinar about the fund at 2:30 p.m. today. Another was held Tuesday, April 27. Both are being recorded and will be posted on the SBA’s YouTube channel. The restaurant industry has been among the hardest-hit sectors during the economic downturn caused by the COVID-19 pandemic. To help bring jobs back and revive the industry, the American Rescue Plan established the $28.6 billion Restaurant Revitalization Fund. The SBA will administer the funds to the hardest-hit small restaurants.

Details on application requirements, eligibility, and a program guide are now available in English at sba.gov/restaurants or in Spanish at sba.gov/restaurantes. The webpages also include a sample application form. Applicants also can register for today’s webinar on those web pages. To sign up for emails with updates on the fund, click here.

The Shuttered Venue Grant is Accepting Applications

After a second delay, the SBA opened the application portal for the Shuttered Venue Operators Grant at 12 p.m. on April 26, 2021. To review frequently asked questions, application checklists and additional information, click here. To view a sample of the online application, click here.

Federal Government Provides Small Business Assistance

The SBA's current relief efforts can be found at sba.gov/coronavirusrelief. Here are two key programs:

• Paycheck Protection Program: The deadline for applying for federal financial help through the Paycheck Protection Program has been pushed back to May 31. For more information, click here.
• COVID-19 disaster loans: The SBA is increasing the maximum amount small businesses and nonprofit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. The SBA has raised the loan limit for the COVID-19 EIDL program from six months of economic injury with a maximum loan amount of $150,000 to up to 24 months of economic injury with a maximum loan amount of $500,000. Also, the SBA extended deferment periods for all disaster loans, including the EIDL program, until 2022.

Ohio Business Centers Can Help with SBA Applications

Remember: Ohio Small Business Development Centers (SBDC) and Ohio Minority Business Assistance Centers (MBAC) across the state are available to help businesses with the federal application process, including SAM.gov registration. To find a local SBDC, click here. To find a local MBAC, click here.