The Guam Hotel and Restaurant Association is informing its members about the availability of the Restaurant Revitalization Fund (RRF).
This fund from the Small Business Administration (SBA) is part of the American Rescue Plan Act, which established a $28.6 billion dollar fund exclusively for restaurants and other establishments in the food and beverage industry.
Eligible entities include restaurants, food trucks, caterers, bars, taverns, lounges, and beverage producers.
This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location.
Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
GHRA members can apply through SBA-recognized Point of Sale Restaurant Partners or directly via SBA in a forthcoming online application portal.