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May 20, 2021
IARN The U.S. Small Business Administration is offering forgivable loans to restaurants, bars and other foodservice businesses to help them recover from the impacts of the COVID-19 pandemic.
The Restaurant Revitalization Fund has $28.6 billion available for small businesses hit hard by the pandemic. Leon Milobar is district director for the SBA’s Nebraska District Office, which covers Iowa, Missouri, Nebraska and Kansas. He told IARN affiliate KMA that restaurant owners are eligible to receive up to $5 million to cover the loss they incurred because of the pandemic.
“We ask a variety of questions regarding the impact it’s had on their business and their gross sales year-over-year from 2020 versus 2019,” said Milobar. “We help make up the difference. We also will ask them if they have received any of the PPP loans.”