As part of the stimulus package signed by President Biden on March 11th, 2021, additional stimulus money was set aside in the amount of $29 billion for Section 5003 within the American Rescue Act, also known as the “Restaurant Revitalization Fund”. This amount comes designated within the bill particularly in the form of grants, and is available for “eligible entities” as mentioned within Section 5003 of the bill which are defined as:
“A 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”
Restaurant Revitalization Fund Amounts Will Not be Available For:
- Publicly traded companies
- State or local government-operated businesses
- Locations with more than 20 locations regardless of whether those locations do business under the same or multiple names
- Entities that have a pending application for or have received a grant under section 324 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act
In addition, and only during the the first 21 days of the program, priority access to the money will be given to women, veterans, as well as socially and economically disadvantaged groups.
My Restaurant Needs Money Now – How Can I Obtain Grant Funds?
While the fund is official, administration of it is not yet clear and therefore a predominant lack of guidance for this specific measure still exists. Thus, a formal process to receive the benefits outlined above are not currently in place yet. Please pay attention to our website for additional details as they are released, as well as IRS.gov, SBA.gov, and your current banking institutions for all current information on this new initiative.