Restaurants can apply for $29B in relief starting May 3

Businesses to receive up to $10M from Restaurant Revitalization Fund

National /
Apr.April 27, 2021 04:30 PM
(iStock/Illustration by Alexis Manrodt for The Real Deal)

(iStock/Illustration by Alexis Manrodt for The Real Deal)

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





    Related Articles

    arrow_forward_ios
    The Princeton Club flag in front of 15 West 43rd Street (Google Maps)
    Paper Tigers: Princeton Club defaults on $39M mortgage, may lose digs
    Paper Tigers: Princeton Club defaults on $39M mortgage, may lose digs
    Donald Trump with the Trump National Golf Club Westchester (Trump National Westchester, Getty)
    Trump Organization facing criminal probe over Westchester golf course
    Trump Organization facing criminal probe over Westchester golf course
    Cushman acquires 40% stake in Greystone lending business for $500M
    Cushman acquires 40% stake in Greystone lending business for $500M
    Cushman acquires 40% stake in Greystone lending business for $500M
    Durst Organization Chairman Douglas Durst, Venable LLP Chairman Stuart Ingis and 151 West 42nd Street (Getty, Venable)
    Durst’s One Five One inks 158K sf lease for law firm tenant
    Durst’s One Five One inks 158K sf lease for law firm tenant
    Signature Bank CEO Joseph DePaolo (Signature Bank, iStock)
    Signature Bank reports record results
    Signature Bank reports record results
    Ira Zlotowitz, president of Eastern Union, is starting his own company (Photo Illustration / Getty, Eastern Union)
    Ira Zlotowitz leaving Eastern Union to start new company
    Ira Zlotowitz leaving Eastern Union to start new company
    1 North Moore and Platinum Properties CEO Khashy Eyn (Google Maps, Platinum Properties)
    Tribeca penthouse rents for $85K per month, possibly setting NYC record
    Tribeca penthouse rents for $85K per month, possibly setting NYC record
    Hudson Yards (Getty, iStock)
    City’s bet on Hudson Yards beginning to pay off
    City’s bet on Hudson Yards beginning to pay off
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...