The American Rescue Plan Act of 2021, signed into law on March 11, 2021, is a $1.9 trillion relief package intended to provide resources to individuals, businesses, state, and local governments to mitigate the continuing effects of the pandemic. The Restaurant Revitalization Fund is just one component of the plan and allocates $28.6 billion to be provided in grants to eligible bars, restaurants, other providers of food and drink, and other qualifying businesses to help offset COVID-related revenue losses.
The program is being administered by the U.S. Small Business Administration (SBA), which began accepting applications at noon on May 3, 2021. Thereafter, and for the first 21 days of the program, the SBA will accept applications from all eligible applicants but will only process applications from those in “priority groups” as defined in the program. Beginning on day 22, the SBA will continue to accept, process, and fund all eligible applications in the order in which they are approved by the SBA until the funds are exhausted.
Detailed information about the program, including eligibility criteria, priority set-asides, how to apply and allowed uses of the grants, can be found here.
If you believe your business qualifies under this program, you should submit your application as soon as possible. Recent experience with other similar government aid programs has taught us that the funds do, indeed, run out quickly.
If we can help, please call us at (248) 477-6300.