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Stimulus Package: $28.6 billion in SBA awards to food & beverage businesses

Coronavirus

SHREVEPORT, La. (KTAL/KMSS) – The $1.9 trillion COVID-19 relief package signed into law on March 11 that put an extra $1,400 in the pockets of Americans also aimed to help in other areas hurt by shutdowns during the pandemic.

Written into the package (Section 5003) is the Restaurant Revitalization Program, which appropriated $28.6 billion for the Small Business Administration to award to restaurants and other similar businesses that suffered during 2020 due to the pandemic in an effort to help them keep their doors open as the country opens up again.

To be eligible, the businesses must provide documentation that on-site food and beverage sales to the public in 2019 grossed at least 33%. For businesses that opened in 2020 or have not yet opened, the business model should have contemplated at least 33% gross sales.

Eligible entities are businesses that are not permanently closed and include businesses where the public or patrons assemble for the primary purpose of being served food or drink including:

  • Restaurants
  • Food stands, food trucks, food carts
  • Caterers
  • Bars, saloons, lounges, taverns
  • Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products
  • Other similar places of business in which the public or patrons assemble for the primary purpose of being served food or drink
  • Snack and nonalcoholic beverage bars
  • Bakeries*
  • Brewpubs, tasting rooms, taprooms*
  • Breweries and/or microbreweries*
  • Wineries and distilleries*
  • Inns**

This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.

To learn more about the program:

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