Restaurant Revitalization Fund aims to support small businesses in Alaska impacted by COVID-19
FAIRBANKS, Alaska (KTVF) - The Restaurant Revitalization Fund, managed by the Small Business Administration, is now accepting applications from small businesses, including restaurants and bars, impacted by COVID-19. Clark Bihag, Senior Area Manager with the Small Business Administration explained the details of the program.
“The restaurant revitalization fund is a grant to help businesses in the food and service industry. It was created out of the American rescuer plan act, 28.6 billion dollars was appropriated to the fund,” said Bihag.
The fund will supply restaurants with assistance equal to their pandemic-related revenue loss. This reaches up to $10 million per business, and no more than $5 million per physical location. Recipients will not be required to repay the funding as long as funds are put to eligible use no later than March 11, 2023.
“We expect it to help a lot of small businesses in Alaska. The accommodation and food service industry is actually the number two industry for business employment in the state, in fact 72 percent of Alaskan food service jobs are from small businesses,” said Bihag.
As of May 3rd the application process is open and available for all eligible small businesses. For the next three weeks funding will only be provided to establishments that fall into the priority group classification.
“In order to be eligible for the priority group you have to be 51% owned by either a woman, a woman owned small business, a veteran, or a socially and economically disadvantaged individual. And those definitions, if people want to know more about it they can go to our SBA website for more info,” said Bihag.
For more information on the Restaurant Revitalization Fund, including who qualifies and how to apply, visit the Small Business Administration website here.
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