$29 Billion Restaurant Revitalization Fund Accepting Applications
Restaurants began submitting applications May 3, 2021, to the Small Business Association (SBA) for a grant program geared toward combating the economic impact of COVID-19 on the restaurant industry.
The grant program, the Restaurant Revitalization Fund, was allocated $29 billion from the $1.9 trillion economic relief bill passed earlier this year.
Through the fund, eligible restaurants can receive up to $10 million per business or up to $5 million for a single 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.
“Our message is this: ‘Help is here.’”
– SBA Administrator Isabella Casillas Guzman
Establishments eligible to apply for the grant program include restaurants (including franchises), bars, food trucks, breweries, bakeries and caterers, among others. Ineligible establishments include those that are permanently closed, publicly traded companies and businesses that own over 20 locations.
Funds may be used for specific expenses, including:
· Business payroll costs (including sick leave)
· Business rent payments (this does not include prepayment of rent)
· Business debt service, both principal and interest (this does not include any prepayment of principal or interest)
Interested businesses should begin the application process as soon as possible. The can do so by preparing the proper documentation, registering for the portal on April 30 and submitting their application on May 3. As with similar loan programs launched during the COVID-19 pandemic, this grant money is limited and is expected to go quick.
Additionally, the SBA announced that it will prioritize the applications of small businesses owned by women, veterans, and socially and economically disadvantaged individuals for the first 21 days of the grant program. This means it’s even more important for organizations to jump in line as close to the May 3 opening as possible.
Employers should visit the SBA website to learn more about the Restaurant Revitalization Fund. The funding can assist with paying your employees the state minimum wage requirement, or any other business expense such as payment for sick leave.
For more information what states require paid sick leave, FMLA, sick leave laws, fully funded health insurance, self funded health insurance, or level funding insurance options please view our business resources on Next Generation Payroll.
One of our most frequently asked questions is “Can employers ask for a doctors note?” and its a great question, but the truth is, each state has different FMLA and sick leave laws regarding what they can, and cannot do. Next Generation Payroll can make it easier for you to understand and help explain what that means for you, and your employees.
Next Generation Payroll is a local black-owned business and we are one of the top payroll processing companies for small businesses based in Dallas, TX. Our services are centered around risk management, operational efficiency, and strategies that improve market penetration by helping you generate new business clients and leads. We build up small businesses making sure your business is solvent, and it operates efficiently in all economic climates.
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