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Richmond-area restaurants hop to cash in on Restaurant Revitalization Fund


Richmond-area restaurants hop to cash in on Restaurant Revitalization Fund
Richmond-area restaurants hop to cash in on Restaurant Revitalization Fund
By Henry Graff | May 3, 2021 at 1:47 PM EDT - Updated May 3 at 6:25 PM
RICHMOND, Va. (WWBT) - Richmond-area restaurants are hoping to cash in on The Restaurant Revitalization Fund.
The billions in grants, which do not have to be paid back, are meant to help an industry ravaged by COVID-19 pandemic restrictions. Restaurant owners say they don’t expect to be back pre-COVID-19 operations for another six months to a year.
“It’s been a rough year,” said Terrance O’Neill, Owner of Penny Lane Pub. ....

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Cautiously Optimistic


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Almost a year ago to the day, the Small Business Administration opened the first round of the Paycheck Protection Program, known as the PPP. 
The forgivable loan program was designed to encourage employers to keep their employees despite the pandemic shutdown, with loan amounts based on a business’ monthly payroll figures. In just under two weeks, the $350 billion program was depleted of funds. 
“My CPA joked that the first round of PPP was like building an airplane while it’s flying in the air without a parachute, hoping you will land in a soft spot,” says Jamaica House owner Carena Ives.   ....

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