Restaurant Revitalization Fund to Open Monday
Restaurants and other eating and drinking establishments will be able to register for federal help beginning Friday and submit applications beginning Monday.
The U.S. Small Business Administration (SBA) announced that registration for the Restaurant Revitalization Fund application portal will begin at 9 a.m. Friday, April 30. Applications can be accessed beginning at noon Monday, May 3.
The SBA also will host a webinar about the fund at 2:30 p.m. today. Another was held Tuesday, April 27. Both are being recorded and will be posted on the SBA’s YouTube channel.
Details on application requirements, eligibility, and a program guide are now available in English at sba.gov/restaurants or in Spanish at sba.gov/restaurantes. The web pages also include a sample application form. Applicants also can register for today’s webinar on those web pages. To sign up for emails with updates on the fund, click here.
The restaurant industry has been among the hardest-hit sectors during the economic downturn caused by the COVID-19 pandemic. To help bring jobs back and revive the industry, the American Rescue Plan established the $28.6 billion Restaurant Revitalization Fund. The SBA will administer the funds to the hardest-hit small restaurants.
Program Guide
Restaurant Revitalization Funding Program: Program Guide as of April 20th, 2021 (sba.gov)
City of Upper Sandusky Offers Local Economic Development Incentives
The City’s Community Development Block Grant (CDBG) Revolving Loan Fund (RLF) Program is available to provide businesses within the City limits with low-interest loan funds for fixed-asset purchases. Job creation and/or retention is required. The 50/50 matching loan amount is dependent on the number of jobs created and/or retained, as well as the RLF balance at the time of application. Certain rules and regulations related to CDBG funds must be followed. No portion of the project can begin until the application is approved and funds are released.
More information on this program can be found HERE
Community Reinvestment Area (CRA) Program
The City’s Community Reinvestment Area (CRA) Program is available to provide real property tax abatement for commercial and industrial businesses making real property investments (new construction and/or building addition/renovation) and creating and/or retaining jobs within the City limits. The abatement rate and term is dependent on the project, but the City can offer up to 100% real property abatement for up to 12-15 years. No portion of the project can begin until City Council approves the application.
The Small Business Administration (SBA) is offering low interest operation loans
The Small Business Administration (SBA) is offering low interest operation loans to businesses effected by the recent Corona Virus outbreak. A declaration has been issued stating that Wyandot County is considered a disaster area which potentially qualifies Wyandot County business for low the interest financing. Below are links to the SBA Disaster Loan Assistance page as well as information to assist in applying.
https://disasterloan.sba.gov/ela
https://disasterloan.sba.gov/ela/Declarations/DeclarationDetails?declNum...
https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-lo...
https://disasterloan.sba.gov/ela/Documents/Three_Step_Process_SBA_Disast...
