Friday, March 12, 2021
The hospitality industry has been hit especially hard during the COVID-19 pandemic, but there is assistance in sight for struggling restaurants and bars. On March 11, President Joe Biden signed into law the American Rescue Plan Act of 2021 (Act), a $1.9 trillion stimulus bill that includes $28.6 billion for a Restaurant Revitalization Fund (RRF).
Title V, Section 5003 of the Act authorizes the Small Business Administration (SBA) to make grants of up to $10 million in the aggregate ($5 million in the aggregate per location) to eligible entities and their affiliated businesses to cover pandemic-related losses.
What Businesses Are Eligible for RRF Grants? Eligible entities are broadly defined as businesses where the public or patrons assemble for