Restaurants, bars, and other eligible entities that have experienced pandemic-related revenue loss may now register to receive financial assistance from the Restaurant Revitalization Fund (RRF). Northeast Iowa Community College’s Business Helpline will assist those business owners with the registration and application process.
The Business Helpline, a public service established in partnership between Northeast Iowa Community College, Greater Dubuque Development Corporation (GDDC), The Small Business Development Center (SBDC) and the East Central Iowa Intergovernmental Association, will be available to help applicants navigate the process and submit required documentation.
The American Rescue Plan Act established the fund to provide support to restaurants and bars. Food trucks, caterers, bakeries, brewpubs and breweries, wineries, distilleries and other qualifying businesses may apply for 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.
This first-of-its-kind grant program, which will be administered by the US Small Business Association (SBA), provides debt-free support in the amount of annual revenue lost from 2019 and 2020, with special provisions for businesses that opened in 2020 and 2019. The SBA recommends qualifying applicants familiarize themselves with the application process in advance to ensure a smooth and efficient application experience. Businesses should register for an account in advance at Restaurants.sba.gov. Online applications have been accepted since Monday, May 3, 2021.
For more information and to speak to a local representative, contact the Business Helpline at (563) 588-3350 between 8:30 AM-4 PM, Monday through Friday, or email firstname.lastname@example.org. For additional information visit sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund.