More help is on the way for small businesses in the Coastal Bend. Congressman Vicente Gonzalez announced on Friday that applications for the Restaurant Revitalization Fund will open on Monday, May 3 at 11 a.m.
This fund established by President Biden’s 2021 American Rescue Plan will provide $28.6 billion in direct aid to independent restaurants, bars, breweries, food stands, food trucks, caterers and others in the food and drink industry impacted by COVID-19.
According to a release, the program “makes up to $5 million in grants available per restaurant location, or $10 million per restaurant group, based on total loss in revenue between 2019 and 2020. It specifically sets aside $5 billion for businesses with less than $500,000 in 2019 annual revenue.”
The grants are tax-free and don’t need to be repaid. The funding can be used to cover expenses other than payroll, including rent, construction, maintenance and more. You can also apply for the grant even if you have already received a PPP loan.
Although you cannot apply grants until Monday, registration is open now. For more information on the Restaurant Revitalization fund, and to register before the application opens on Monday, click here.