Restaurant Revitalization Fund
On March 11, 2021, the American Rescue Plan Act was signed into law, creating a new Restaurant Revitalization Fund under the Small Business Administration. The fund has $28.6 billion allocated for industry-focused grants.
Restaurants, bars and other eligible providers of food and drink will be able to apply for grants equal to the pandemic-related revenue loss of the eligible entity, up to $10 million, or $5 million per physical location (limited to 20 locations). The grants are calculated by subtracting 2020 revenue from 2019 revenue.
Additional guidelines and application to be released at a later date.