With states and local governments slowly lifting lockdown restrictions, restaurants and bars stand to improve revenues with increased occupancy and patrons more willing to eat inside.
Even though many restaurants are still recovering from the pandemic’s toll, help is on the way. As part of the recently passed American Rescue Plan, the Restaurant Revitalization Fund will grant eligible restaurants and bars additional emergency funding to help stabilize revenues and mitigate pandemic-era losses.
Similar to the Paycheck Protection Program, the Restaurant Revitalization Fund provides eateries with funding to cover specific expenses, such as payroll costs, commercial rent payments, and/or the construction of outdoor dining. The program offers up to $10 million in relief, with no more than $5 million per location. Restaurants will have until March 2023 to exhaust funds.
The lengthy application process involves complex payment calculations and scouring company archives for receipts. Partnering with a PEO firm helps restauranteurs navigate these types of multifaceted application processes — ensuring your business is more likely to meet the requirements for a Restaurant Revitalization Fund grant.
Read more on the U.S. Small Business Administration website.