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.
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