No guidance yet on applying for Restaurant Revitalization Fund
Businesses, homeowners and renters will soon be eligible for additional relief from the effects of the pandemic through provisions in the $1.9 trillion American Rescue Act.
While many of the benefits of the bill are still to be detailed, it will set aside over $26 billion in grants for the Restaurant Revitalization Fund.
As of yet, however, there has been no guidance on where or how to apply.
Through this fund, food service businesses could be awarded grants in the amount equal to their pandemic-related revenue loss, up to $5 million per physical location.
People who applied for other pandemic-related assistance, like the Paycheck Protection Program, will have that amount deducted from their pandemic-related revenue loss calculation.
People who have received or applied for the Economic Injury Disaster Loan program will not be eligible.
Sierra Business Council Executive Director Kristin York encourages businesses to consider applying, describing the criteria for eligibility as “fairly generous.”
In addition to restaurants, food stands, food trucks, caterers, bars, tasting rooms and other places of businesses that primarily serve food and drink would be eligible.
Eligibility also extends to businesses that never opened, but still had pandemic-related expenses, such as rent, construction, and operational expenses.
The fund will set aside $5 billion for grants to businesses whose 2019 gross receipts were $500,000 or less.
For the first three weeks of the fund, priority will be given to businesses that self-certify as being owned and controlled by women, veterans, or other socially or economically disadvantaged groups.
Applicants with existing business identifiers — like an Employer Identification Number — will also have priority, with the grants otherwise being issued in the order they’re received.
To contact Staff Writer John Orona, email email@example.com or call 530-477-4229.
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