Gov. Edwards encourages restaurants to register for SBA’s new Restaurant Revitalization Fund
BATON ROUGE, La. (KSLA) - Louisiana Governor John Bel Edwards is encouraging restaurants, bars, catering companies, and other food-related businesses in the state to register for the Small Business Administration’s (SBA) new Restaurant Revitalization Fund, which allows businesses to offset losses incurred during the COVID-19 pandemic.
The fund was launched as part of the American Rescue Plan Act and includes $28.6 billion to help restaurants and other food-related establishments stay open.
Registration is active now and is available online here. The federal program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and up to $5 million per physical location. Recipients are not required to repay the money if it’s applied to eligible uses by March 11, 2023.
“Restaurants are vital to Louisiana’s economy, generating more than $10 billion in annual sales across our state,” Gov. Edwards said. “Our restaurants provide an enjoyable place for us to gather with family and friends, and they attract tourists from all over the world to share our state’s superior cuisine. These businesses were hit particularly hard by the pandemic conditions, shifting to takeout and local delivery where possible to stay afloat – and in the process – providing Louisiana residents with a welcome link to normalcy during difficult times. The new Restaurant Revitalization Fund can help business owners in this sector cover their losses and secure their footing as we continue our economic recovery, and I encourage all impacted restaurant owners in Louisiana to apply.”
The governor’s office says employment in Louisiana restaurants/bars peaked in 2019 at about 180,000. After temporarily losing about 80,000 of those workers during the first half of 2020, the industry has rebounded somewhat to about 155,000 employees.
The fund is open to 11 categories of businesses:
- Food trucks/food carts
- Snack bars
- Brewpubs/breweries with on-site public sales
- Other related businesses
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