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The American Rescue Plan Act of 2021, which was signed into law on March 11, 2021, includes relief provisions for restaurants and other similar businesses. The Small Business Administration (SBA) will administer the Restaurant Revitalization Fund grant program. The grant amount generally equals the excess of 2019 gross revenues, over 2020 gross revenues.
Subject to further guidance, once a business receives the grant proceeds, they must use the proceeds on eligible expenses, but there is no requirement to spend a certain minimum percentage of the grant proceeds on a specific type of eligible expense (payroll, for example). The SBA is expected to make applications available in the coming weeks. The provisions include the following: