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In January, Congress passed the American Rescue Plan Act of 2021. One element of the plan is the establishment of the $28.6 billion Restaurant Revitalization Fund (RRF), to be administered by the U.S. Small Business Administration (SBA). This program will offer tax-free grants to restaurants and related establishments to cover revenue they lost in 2020 as a result of the pandemic.
The SBA anticipates rolling out the program soon. Restaurant owners, caterers, and others who qualify will want to take steps now to get in line for funding.
Information about the Program:
The U.S. Small Business Administration (SBA) is awarding funding through the Restaurant Revitalization Program to restaurants, bars, and other similar places of business that serve food or drink. The purpose of this funding is to provide support to eligible entities that suffered revenue losses related to the COVID-19 pandemic.
Eligible entities who have experienced pandemic-related revenue loss include:
Funds may be used for specific expenses including:
How to apply:
You can apply through SBA-recognized Point of Sale Restaurant Partners or directly via SBA in a forthcoming online application portal.