This is a $28.6 billion relief fund for restaurants, bars, and other similar places of business that serve food and drink. While $28.6 billion is a lot of money, it is only 1/4 of what had been proposed, and it is expected to be fully subscribed quickly, so we want to be sure that our Vermont restaurants get in on it quickly.
Here is a link to the Program Guide
Here is one to a Sample Application:
And, here is a link to the SBA COVID-19 Cross Program Eligibility Chart
Three things are critical to know as our local restaurants and bars begin this process:
- For the first 21 days after the program opens, the SBA will be prioritizing applications from businesses owned and controlled (51% minimum) by women, veterans, and socially and economically disadvantaged individuals, so I urge you to get the information out to those individuals in your communities.
- All eligible applicants are encouraged to apply too, however, starting Monday, May 3rd at noon. Because, following the 21 days, all eligible applications will be funded on a first come-first served basis.
- Most importantly, the experts in the field are urging everybody to Pre-Register now, so that applicants are all ready to submit the application come 12:00 PM Monday. Here is a link to the Pre-Registration site:
- This pre-registration and all of the information above will allow applicants to understand precisely what will be needed on Monday, so that there are no hiccups with the application that could cause that application to be put aside by SBA.