Schumer: Restaurant Relief Grants Start in 3 Weeks
From the North Country Chamber of Commerce
Senate Majority Leader Charles E. Schumer said Tuesday a $28.6 billion grant program Congress created to boost struggling restaurants will start serving clients in about three weeks.
Throughout the country, food service and hospitality businesses — like restaurants, bars and hotels — have been among the hardest hit by the pandemic as people were forced to stay home, and businesses closed to the public. Across a region that includes New York state, northern New Jersey and Fairfield County, Conn., leisure and hospitality businesses lost the most jobs — more than 750,000 — from February to April 2020, the Federal Reserve Bank of New York reported. About 50 percent of those jobs had returned as of October.
In mid-March, restaurants in New York were able to start operating at 75 percent capacity, up from 50 percent.
What we Know:
The American Rescue Plan Act created the Restaurant Revitalization Fund (RRF) a new $28.6 billion grant program, to be administered by the U.S. Small Business Administration (SBA). An eligible business may receive a tax-free federal grant equal to the amount of its pandemic-related revenue loss.
Of the $28.6 billion, $5 billion is set aside for restaurants and food/drinking establishments that had less than $500,000 of revenue in 2019.
Eligibility
Most restaurants and bars that lost revenue in 2020 compared to 2019 will be eligible to apply for RRF grants.
Eligible: Restaurant, food stand, food truck, food cart, caterer, saloon, inn, tavern, bar, lounge, brewpub, tasting room, taproom, licensed facility or premise of a beverage alcohol producer where the public may taste, sample, or purchase products, or other similar place of business in which the public or patrons assemble for the primary purpose of being served food or drink.
Ineligible: Publicly traded companies; owners that operate more than 20 restaurants/bars; restaurants/bars owned by a state or local government.
Stay Tuned: The North Country Chamber of Commerce will be hosting an informational webinar shortly about this grant opportunity.
Posted: April 8th, 2021 under Business News, Congressional News, Heathcare News.