Funding to allow flexibility for restaurateurs | Greene County
On Friday, restaurateurs can learn the ins and outs of the Restaurant Revitalization Fund from the comfort of their home or restaurant.
The Albany Small Business Development Center will host a webinar to help restaurateurs with the application process from 8 a.m. to 9 a.m. on Friday. The Restaurant Revitalization Fund is a $ 28.6 billion initiative included in the US bailout.
The program, which prioritizes small minority-owned businesses, is expected to go live in the coming weeks.
The Interim Director of the Small Business Development Center, Kate Baker, stressed the importance for restaurateurs to prepare and prepare their application when the SBA portal goes live.
“It’s more difficult for [rural businesses] to access some of the COVID relief programs, ”she said. “It’s very important to make sure that every eligible business gets the first bite of the apple.”
The program is open to independent restaurants in 20 locations or fewer, as well as food trucks, caterers and other types of food service businesses, Baker said.
Applicants will subtract their 2020 income from their 2019 income to determine how eligible they are. Funding received through the Paycheck Protection Program will be deducted from a company’s qualifying amount, while economic disaster damage loans or New York term loans will not be charged against the. business, Baker said.
“There will be a seven-day pilot period week where the only applicants who will be processed are those who are 51% women, minorities or veterans,” Baker said.
Priority will also be given to companies with revenues of less than $ 50,000, she said.
The maximum award amount per location is $ 5 million, with a cap of $ 10 million per nominee, Baker said.
“In order to have enough money for each qualifying restaurant, it has to be closer to $ 400 billion,” Baker said. “We want rural restaurants, small independents who are often left behind in programs, to be at the door from day one.
The funds can be used for all legitimate business expenses, such as expanding outdoor seating, Baker said.
The money can also be spent on monthly debt payments, but it can’t be used to pay off the principal, Baker said.
“There are very few restrictions on this funding, which gives restaurateurs the flexibility they need to make the decisions that are right for your businesses about what a government entity feels they need to do,” she said.