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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