Here’s an update on Congress’s Restaurant Revitalization Fund:
$28.6 Billion in targeted relief for America’s small and medium sized restaurants is now extremely close to becoming a reality. In our post on February 26, we told you about the vote in the U.S. House to include $25 Billion in debt-free relief for restaurants, bars, etc., contained in President Biden’s $1.9 Trillion Covid-19 relief and economic stimulus bill, known as the “American Rescue Plan.” The American Rescue Plan did pass the House and went over to the Senate, where it was debated last week. The Senate passed an amended version of the bill today (Saturday, March 6) and expanded the size of the Restaurant Revitalization Fund in the bill to $28.6 Billion. The Senate version of the bill now needs to be approved by the House. That is expected to occur this week, and then the bill will go to President Biden for signing.
Restaurant Revitalization Fund in the bill to $28.6 Billion. The Senate version of the bill now needs to be approved by the House. That is expected to occur this week, and then the bill will go to President Biden for signing. The Restaurant Revitalization Fund could be a godsend for independent and small-chain restaurants, bars, caterers, breweries, and tasting rooms. It provides for up to $5 Million in grants – not loans! – for independent restaurants and up to $10 Million for small restaurant groups. Restaurants owned by women, people of color, and veterans will receive application priority in the first three weeks of the program when it begins.
Please pay close attention to the news in the coming week and get your application pens ready!
