Supervisor Rich Schaffer, Deputy Supervisor Tony Martinez and the Babylon IDA would like to inform local businesses that the United States Small Business Administration (SBA) has announced details regarding the Restaurant Revitalization Fund (RFF), including application requirements, eligibility, and a program guide. This program will provide financial assistance to small restaurants that have been hit hardest by the effects of the COVID-19 pandemic.
Through the RFF, eligible restaurants will be provided 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.
Details on application requirements, eligibility, and a program guide are now available in English at www.sba.gov/restaurants or in Spanish at www.sba.gov/restaurantes. Those interested in applying can sign up for email updates from the SBA when more information becomes available, including when the application process opens.