Help for restaurants promised by the federal $1.9 trillion coronavirus relief package is coming to fruition.
On May 3, the Restaurant Revitalization Fund will begin accepting applications for $29 billion in grants, according to the Wall Street Journal. The money is only available to restaurants, bars and other food-service businesses.
Restaurants have been some of the businesses hardest hit by the pandemic. The industry saw sales fall by nearly a quarter from 2019, according to the National Restaurant Association. The trade group estimates that more than 110,000 bars and restaurants have closed at least temporarily.
Read more
Commercial
New York
Restaurants question survival, despite $29B in federal relief
Commercial
New York
Judges mixed on how government shutdowns affect leases
Another report, by market-research firm Datassentia, estimated that nearly 14,200 restaurants closed for good in the first three months of this year.
The grants will be distributed based on pandemic-related revenue loss, with the potential for restaurants to receive up to $5 million for a single location or up to $10 million for the business as a whole.
Restaurants are also eligible for other pandemic aid, including the Paycheck Protection Program. In 2021, small businesses received 5.1 million forgivable loans worth $248.5 billion.
[WSJ] — Sasha Jones