The U.S. Small Business Administration released the rules over the weekend for business owners looking to recoup their pandemic-related losses through the Restaurant Revitalization Fund.

What You Need To Know

  • Struggling restaurant owners will be able to apply to recoup pandemic losses

  • Money from the $28 billion Restaurant Revitalization Fund can be used for eligible expenses

  • Bars and food trucks with fewer than 20 locations are among the eligible businesses

The $28 billion fund is part of President Joe Biden's American Rescue Plan that was authorized last month. Businesses can get up to $10 million to spend on eligible expenses. 

The owner of Pipo's Cafe, Ramon Hernandez, 57, estimates he lost a six-figure amount of revenue last year because of the pandemic. The budget got so tight that Hernandez had to close two restaurants but managed to hang on to his St. Pete location near the Bay Pines V.A.

Hernandez hopes to recoup his losses through the RRF grants.

"Throughout the year, you're putting out your savings and everything to just try and hang in there, struggle and get by," he said. "To hear that now I can recoup, and I didn't lose a year of my life — absolutely, for sure." ​

According to the SBA, only businesses with fewer than 20 locations are eligible. The program is open to restaurants, food trucks, caterers and bars. Other businesses that can qualify are inns, distilleries, wineries and breweries, but only if a third of their gross receipts are from on-site sales.

Hernandez hopes the federal relief money will allow him to get back on track and grow his business.

"We're fortunate we got through it, not like other restaurants," he said. "As tight as it got, we were able to make it through and hopefully looking forward for brighter days for sure."

The SBA has not announced a date yet for when it will begin accepting applications, but there's a sample application with all the details that business owners can begin working on.