Local Restaurants To Receive Funding So They Can Remain Open
Last year, a report showed that at least 1/5 of restaurants in Massachusetts had closed for good. Now, to help the struggling restaurant industry, more money is on the way.
The nearly $29 billion program is called the Restaurant Revitalization Fund. It's designated for restaurants, bars, food trucks, and other food operations and it opened to all eligible businesses Monday, May 3.
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. And, the funds do not have to be paid back providing that the money is used by March 2023.
The Boston Herald reports this funding was made possible by the $1.9 trillion American Rescue Plan Act which was signed into law by President Biden on March 11. This program provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19.
The Restaurant Revitalization Act was established by the American Rescue Plan Act to provide funding to help keep the doors open for restaurants and other eligible businesses.
Businesses that experienced revenue loss due to the COVID-19 pandemic that are eligible include restaurants, food trucks and food stands, caterers, bars and taverns, brewpubs and taprooms, bakeries, wineries and distilleries, just to name a few.
Bob Nelson, District Director of the Small Business Administration, had this to say on Monday:
The onsite grant application portal opened at noon today. I received early reports that the technology is working. I heard directly from a small business that she was able to get in, probably one of the first to apply, and took her 30 minutes to get in without issues.
For more info, visit the Boston Herald's website here.
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