One of the hardest-hit industries during the COVID-19 pandemic has been restaurants, with shutdowns and restrictions cutting off revenue opportunities. The newly passed American Rescue Plan Act (ARPA) aims to help restaurants, bars and related businesses with a new grant program called the Restaurant Revitalization Fund (RRF).
“By our estimates, we've lost $250 billion in revenue from the beginning of the pandemic,” National Restaurant Association Executive Vice President Sean Kennedy said at CO—’s recent Small Business Update event. “From March until January of this year, 110,000 restaurants have been closed. … Our goal has always been an industry-specific solution, and the announcement of the passage of the Restaurant Revitalization Fund is a big step towards that.”
What You Need to Know About Restaurant Revitalization Fund Grants
The new Restaurant Revitalization Fund, part of the recently passed American Rescue Plan Act, will provide $28.6 billion in grants to restaurants and bars in need.
The RRF will offer $28.6 billion in grants to hard-hit restaurants and bars, with restaurants able to apply for grants based on lost revenue. Additionally, $5 billion of that total will be set aside expressly for businesses with 2019 gross receipts of less than $500,000.
Here are five big things restaurants need to know about the RRF grants.