On March 11, 2021, President Biden signed the American Rescue Plan Act, which appropriates $28.6 billion for a new Restaurant Revitalization Grant Program, to be overseen by the Small Business Administration (SBA). With the restaurant industry suffering an estimated decline of $240 billion in total sales relative to pre-pandemic forecasts and a loss of nearly 2.5 million jobs, this financial aid package presents an essential lifeline. Under the program, the nation's food service providers of all types - from the corner food cart to the white tablecloth - may be eligible to receive grants of up to $10 million (or $5 million per physical location) that can be applied to a variety of uses. Proskauer's interdisciplinary Coronavirus Taskforce breaks down the Restaurant Revitalization Grant Program.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.