The Small Business Administration is targeting an early April roll out of the Restaurant Revitalization Fund Grant, the agency said Thursday. The $28.6 billion fund, passed as part of the $1.9 trillion Covid relief bill, will provide funding for restaurants and bars that have suffered pandemic related losses. Establishments must have less than 20 locations to qualify.
According to CNN, The Restaurant Relief Fund will begin in early April along the Shuttered Venue Operators Grant. The$16 billion fund aimed at helping independent live music venue spaces. That grant was passed as part of the December stimulus bill.
Restaurant and bar owners will be able to spend the grant money on a wide variety of expenses dating from Feb. 15, 2020, until Dec. 31, 2021, from payroll
Restaurant owner Benjamin Brown of Satchmo’s Bar & Grill chimed in on the new bill, “The way they’re structuring it, in terms of year over year losses, makes a lot of sense in terms of determining how much aid is needed,” Brown said. “As far as the total number of $28 billion, it will be interesting to see how far that can go.”