Qualifying eating establishments should submit applications by the May 24th deadlineWashington, May 18, 2021 (GLOBE NEWSWIRE) Administrator Isabella Casillas Guzman announced that eligible eating establishments have until Monday, May 24, 8 p.m. ET, to submit applications to the Restaurant Revitalization Fund. “If our nation’s food and beverage industry is going to fully recover, we must ensure as many of the hardest-hit businesses get the economic aid they need,” said Administrator Guzman. “We are committed to creating easy to navigate programs and removing barriers that have kept many of our nation’s smallest businesses from accessing these crucial economic lifelines. The SBA will continue to be as entrepreneurial as the small businesses we serve, and we will continue to work as fast as possible to deliver the relief our businesses need so urgently.” “The numbers speak to the commitment SBA made to educating owners and operators throu
What Restaurants Need to Know Ahead of Its Anticipated Launch
This week the Small Business Administration (
SBA) provided guidance on how the $28.6 billion Restaurant Revitalization Fundwill work. The Restaurant Revitalization Fund provides for qualified restaurants and other food establishments to obtain tax-free federal grants (
Grants) of up to $10 million to replace the loss of revenues resulting from the pandemic. Unlike the SBA’s Paycheck Protection Program (
PPP) in which applications were submitted to and processed by participating banks and other financial institutions, the Restaurant Revitalization Fund will be administered directly by the SBA.
Restaurants and other qualified food establishments anxiously await the rollout of the Restaurant Revitalization Fund amid estimates that the $28.6 billion will cover less than 25 percent of the more than $120 billion that would be required to award Grants to all qualified eating establishments. While we still do not know exac
carol, but when i go to certain eating establishments i m ordering on a tablet and not even having any interaction with an employee. carol? all right, alison kosik, we ll check back with you. let s head back to new york to our studios in and zain asher for more of the good news regarding our economy, and that s the gdp is up. this is sort of surprising, zain. reporter: hi, carol. absolutely, gdp coming in the third quarter at 3.6%, certainly a lot stronger than expected. the best quarter perhaps of gdp since first quarter of 2012. when you compare it to other economic data we ve gotten so far this year, last quarter it came in at 2.5%, the first three months of this year 1.1%, so certainly an improvement. i want to mention part of the reason for this is a buildup in inventories, the best buildup since 1998, however consumer spend zg sling is slow. its in line with an improvement with the housing market and car sales as well.