Applications for $28.6B restaurant fund begin Monday
The SBA’s $28.6 billion restaurant relief program – signed into law as part of President Biden’s $1.9 trillion American Rescue Plan – will begin accepting applications at 12 p.m. ET on May 3.
Registration for the SBA application portal began today at 9 a.m. ET. In preparation for the grant program’s opening, the SBA released detailed guidance for those seeking relief money through the restaurant revitalization fund.
“Restaurants in Hampton Roads have been hit harder than many industries, but today’s announcement from the Small Business Administration means that help is here,” Second District Congresswoman Elaine Luria said. “The pandemic has strained our workforce and forced many people to stay home because of illness or financial hardship. I urge all our community’s restaurants to take advantage of this opportunity and begin preparing application materials. My office stands ready to assist.”
This week, Luria heard directly from local leaders about the challenges faced by many communities in Hampton Roads still working to recover from the COVID-19 pandemic. She discussed the impact of the American Rescue Plan Act, which allocates funding to localities in Coastal Virginia, including: $159,510,000 to Norfolk, $138,520,000 to Virginia Beach, $2,900,000 to Williamsburg $930,000 to Cape Charles, $24,910,000 to Hampton, $13,530,000 to Poquoson, $6,270,000 to Accomack County and $13,240,000 to York County.
After that conversation, Luria sent a letter to the U.S. Department of the Treasury urging it to expedite the release of guidance on how localities can use the funding included in the American Rescue Plan Act.
The Department of Treasury must issue guidance detailing its interpretation and implementation of eligible uses of the American Rescue Plan Act by May 10. The law specifically authorizes the use of funds to respond to the pandemic or its negative economic impacts, including assistance to households, small business, and nonprofits, or aid to impacted industries such as tourism, travel, and hospitality; for premium pay to eligible workers performing essential work during the pandemic; for the provision of government services to the extent of the reduction in revenue due to the pandemic (relative to revenues collected in the most recent full fiscal year); and to make necessary investments in water, sewer, or broadband infrastructure.