The SBA announced yesterday that they will open applications this Monday, May 3rd at 9am Seattle time for the Restaurant Revitalization Fund. The $28.6 billion Fund prioritizes direct relief to women, veterans, and socially and economically disadvantaged individuals, and includes $9.5 billion in set-asides for smaller businesses. You can read the full announcement here.
Unlike the Payroll Protection Program (PPP) grants and EIDL loans that have previously debuted and been of immense help to small businesses, the Restaurant Revitalization Fund is a direct cash award that struggling and impacted restaurants and bars can apply to cover losses in 2020 with. Basically, if a bar did $150,000 less in sales in 2020 as compared with 2019, they can apply for that amount (less any PPP assistance they have been awarded), and not have to worry about paying anything back.
With Seattle’s commercial eviction moratorium set to expire on June 30 and property owners often asking for back rent to be paid, this could be the difference between having to close and continuing on for many of our smallest businesses. In addition to rent, the fund can be used for such necessities as payroll, mortgage, business debt, utilities, maintenance, supplies, and operating expenses. The online application will remain open to any eligible establishment until all funds are exhausted, and nobody can say if that will be three days, three weeks, or three months.
The Phinney Neighborhood Association has been engaged in significant outreach to the Greenwood-Phinney commercial corridor, as well as the 85th and 65th Street corridors, but there are many others in our area that should hear about this fund. We are asking the community to help with this effort.
Each time you visit an establishment that could qualify for this grant over the next week, please be sure to bring up with a manager or owner. If they need assistance, have questions, or need translated materials, please refer them to the PNA’s small business advocate at firstname.lastname@example.org. Thank you!
Here is the complete list of businesses that can apply for this fund
- Food stands, food trucks, food carts
- Bars, saloons, lounges, taverns
- Snack and nonalcoholic beverage bars
- Bakeries (onsite sales to the public comprise at least 33% of gross receipts)
- Brewpubs, tasting rooms, taprooms (onsite sales to the public comprise at least 33% of gross receipts)
- Breweries and/or microbreweries (onsite sales to the public comprise at least 33% of gross receipts)
- Wineries and distilleries (onsite sales to the public comprise at least 33% of gross receipts)
- Inns (onsite sales of food and beverage to the public comprise at least 33% of gross receipts)
- Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products