(CBS DETROIT) – Gov. Gretchen Whitmer encouraged restaurants, bars and other food and drink establishments across Michigan hard hit by COVID-19 to apply for $28.6 billion in federal Restaurant Revitalization Fund.
Eligible businesses include restaurants; food stands, food trucks, food carts; caterers; bars, saloons, lounges, taverns; brewpubs, tasting rooms, taprooms; breweries, wineries and distilleries; and bakeries.READ MORE: Michigan Restricts Use Of Restraints On Teens In Courts
The minimum funding awarded will be $1,000 with businesses that remain open eligible to receive funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location.
The direct relief is being provided by the U.S. Small Business Administration under the American Rescue Plan.
Registration for the funding began Friday with the application itself opening on Monday, May 3 at noon EDT.READ MORE: Michigan Supreme Court: Detroiters Can Vote On City Constitution
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. All eligible applicants are encouraged to submit applications as soon as the portal opens. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis with the online application remaining open to any eligible establishment until all funds are exhausted.
The fund includes $9.5 billion in set-asides specifically for smaller businesses: $5 billion for applicants with 2019 gross receipts of not more than $500,000; $4 billion is set aside for applicants with 2019 gross receipts from $500,001 to $1,500,000; and $500 million for applicants with 2019 gross receipts not more than $50,000. Recipients would not be required to repay the funding if the funds are used for eligible expenses no later than March 11, 2023.
For more information on the Restaurant Revitalization Fund, visit sba.gov/restaurants.MORE NEWS: Carl Levin, Michigan's Longest-Serving Senator, Dies At 87
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