LYNN — Lynn restaurant owners are encouraged to apply for the newly-opened Restaurant Revitalization Fund, created by the U.S. Small Business Administration.
The online application will remain open to any eligible establishment until all funds are exhausted.
“Restaurants are the core of our neighborhoods and propel economic activity on main streets across the nation,” said SBA Administrator Isabella Casillas Guzman. “They are among the businesses that have been hardest hit and need support to survive this pandemic. We want restaurants to know that help is here.”
“This is a great opportunity for restaurants who were severely impacted in the past year to apply for brand-new grant money now available,” said Economic Development & Industrial Corporation of Lynn (EDIC/Lynn) Executive Director James Cowdell.
The program provides a total of $28.6 billion in direct relief funds to restaurants and other hard-hit food establishments that have experienced economic distress and significant operational losses due to the pandemic. It 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. Funds must be used for allowable expenses by March 11, 2023.
“The last year has been incredibly difficult for those in the food service industry,” said Mayor Thomas M. McGee. “While they will never be able to fully recover the losses of the last year, all of our local restaurants should take advantage of this opportunity and apply for this grant. Thank you to the Biden administration for making this nearly $29 billion in direct relief available to food establishments, which were among the hardest hit businesses over the last 18 months.”
For the first 21 days that the program is open, the SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially- and economically-disadvantaged individuals. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis. Of the total, it has set aside $9.5 billion for small businesses.
“We are committed to equity to ensure our smaller and underserved businesses, which have suffered the most, can access this critical relief, recover, and grow more resilient,” said Guzman.
Applications are available at sba.gov/restaurants or in Spanish at sba.gov/restaurantes. Please contact EDIC/Lynn at 781-581-9399 if you have any questions on how to apply.
