Governor Gretchen Whitmer and business leaders are encouraging restaurants, bars and other food and drink establishments across Michigan to apply for $28.6 billion in federal Restaurant Revitalization Fund direct relief being provided by the U.S. Small Business Administration under the American Rescue Plan. Registration for the funding will begin on Friday, April 30, 2021, at 9 a.m. EDT with the application itself opening on Monday, May 3, 2021, at noon EDT. All eligible applications will be funded on a first-come, first-served basis with the online application remaining open to any eligible establishment until all funds are exhausted.
Eligible businesses include restaurants; food stands, food trucks, food carts; caterers; bars, saloons, lounges, taverns; brewpubs, tasting rooms, taprooms; breweries, wineries and distilleries; and bakeries. The minimum funding awarded will be $1,000 with businesses that remain open eligible to receive funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location.
The fund includes $9.5 billion in set-asides specifically for smaller businesses: $5 billion for applicants with 2019 gross receipts of not more than $500,000; $4 billion is set aside for applicants with 2019 gross receipts from $500,001 to $1,500,000; and $500 million for applicants with 2019 gross receipts not more than $50,000. Recipients would not be required to repay the funding if the funds are used for eligible expenses no later than March 11, 2023.
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