President Joe Biden on March 11, 2021, signed the $28.6 billion Restaurant Revitalization Fund as part of the American Rescue Plan. Congress approved it on March 10. The Washington Hospitality Association has advocated for restaurant relief at the local, state and federal levels for a year.
Eligible businesses will be able to apply for grants through the Small Business Administration, with businesses owned and controlled by women, veterans and those in socially and economically disadvantaged areas as the top priorities. More details about how to take advantage of the fund will be available in the coming weeks.
You can read the National Restaurant Association’s brief on the fund here. The Seattle Restaurant Alliance has prepared an overview of the fund here.
The Washington Hospitality Association held a webinar with hospitality consultant Rick Braa recently. You can watch a replay here.
The Restaurant Revitalization Fund is one more win for the industry on top of:
- two rounds of Paycheck Protection Program (PPP) tailored to help restaurants
- Employee Retention Tax Credit enhancements
- $340 million in state grants
- Unemployment insurance rate adjustments
- cocktails to go
- capping delivery fees
- local small business grants
- outdoor dining permits
- open-air dining guidance
Each of these wins has helped our industry survive thus far through an extremely challenging year. Your association will continue to advocate on your behalf.