Coming Out Of COVID – Help For Restaurants
The Ravalli County Economic Development Authority has been watching closely as the federal Small Business Administration (SBA) develops its new "Restaurant Revitalization Fund." John Schneeberger said the registration for the funding starts Friday, April 30, at 9 a.m. ( 7 a.m. MDT) and open applications Monday, May 3rd at 12 noon EDT.
The SBA is providing funds to businesses who have had pandemic-related revenue loss and includes the following categories:
Restaurants, Food stands, Food trucks, Food Carts, Caterers, Bars, Saloons, Lounges, Taverns, Snack and Nonalcoholic beverage bars, and the following businesses with at least 33% onsite sales, Bakeries, Brewpubs, Breweries, Tasting Rooms, Wineries, Distilleries and Inns, again all with at least 33% onsite sales.
The Economic Development Authority in Hamilton will help with the registration and application procedures for Bitterroot Valley businesses, and also have noted online SBA virtual training opportunities. The Montana District of SBA also has Facebook webinars Thursday, April 29 and also on May 4 and May 6.
John said it is likely that the funding will run out in the initial offering, but that additional funds might be received. The Ravalli County EDA is at 274 Old Corvallis Road - Suite A and the phone number is 406 375-9416.
The online application will remain open to any eligible establishment until all funds are used. There's more information at the Small Business Administration website.
The SBA, in their news release, said the first 21 days of the program will include priority funding for businesses owned and controlled by women, veterans and socially and economically disadvantaged people. After the first three weeks, all eligible applications will be funded on a first-come, first-served basis. The fund includes over $9 billion with three set-asides - $5 billion for applicants with 2019 gross receipts of not more than $500,000, $4 billion for those with 2019 receipts from $500,001 to $1,500,000 and $500 million for those with 2019 gross receipts not more than $50,000.