The SBA Just Opened Its $28.6 Billion Restaurant Fund. Here's What Small Businesses and Franchises Should Know Before Applying.The application opened at noon and is available until funding runs out.

In an effort to buoy the restaurant industry amid the effects of the pandemic, theU.S. Small Business Administration (SBA) has created a $28.6 billion fund for restaurantsunder theAmerican Rescue Plan.

Starting today, small businesses can sign up for theRestaurant Revitalization Awarduntil funding runs out. However, restaurants may want to register sooner than later. Independent Restaurant Coalition, SBA Associate Administrator Patrick Kelley said that around41,000 businesses have already pre-registered for the the application(pre-registrations opened last Friday).

The funds are available for food-related business, including food trucks, bakeries, bars and even certain inns. The fund is also prioritizing small business owners who arewomen, veterans or socioeconomically disadvantaged. However, restaurant operators cannot apply if they own or operate more than 20 locations of their business.

For franchises seeking funding, the operation must meet the Federal Trade Commission'sdefinition of a franchiseand be listed in theSBA's Franchise Directory. If a brand is not listed in the directory, the franchisor has to submit their Franchise Disclosure Document (or other agreement document) for review by the SBA.

资金的请求总数不能超过10美元n and can beused for expensessuch as payroll costs, outdoor seating construction and mortgage obligations. Funds must be used by March of next year.

The National Restaurant Association posted astep-by-step guidefor eligible businesses looking to apply. Applicants can also reference asample application formor call (1-844-279-8898) for help with their application.

Related:7 Things Restaurant Entrepreneurs Must Do to Survive and Thrive During the Great Pandemic Depression