One of the hardest-hit industries during the pandemic is the food services industry. Starting Monday, some restaurants may be eligible for a grant to recoup some of the pandemic-related revenue losses.
The American Rescue Plan Act is an emergency legislation package announced by President Joe Biden in January. The plan is part of an aggressive two-step plan by Biden to “rescue, from the depths of this crisis, and recovery, by investing in America, creating millions of additional good-paying jobs, combatting the climate crisis, advancing racial equity, and building back better than before,” according to a brief from The White House briefing room.
The Act “established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023,” according to the U.S. Small Business Administration website.
Funds are available to restaurants, food stands, food trucks, food carts, caterers, bars, saloons, lounges, taverns, bakeries, brewpubs, tasting rooms, taprooms, breweries, microbreweries, wineries, distilleries and inns.
The Colorado Restaurant Association held a webinar with Senator John Hickenlooper, the National Restaurant Association, the Small Business Administration and Messner Reeves LLP that can be viewed to learn more about the program.
Applicants can apply for RRF grants through one of three ways:
- Through one of the following POS service providers:
- By submitting your application online here.
By applying through the phone at (844) 279-9989. Please note phone applications may be subject to a longer processing time.
“Local bars and restaurants struggled, sacrificed and innovated to keep their doors open and the public safe,” said Hickenlooper. “Now, help is on the way. The Restaurant Revitalization Fund will deliver the aid restaurants urgently need to survive the pandemic and continue serving their communities.”