Financial help is on the way for restaurants and bars that took a major hit when they had to close and limit customer capacity throughout the pandemic. The Small Business Administration will start taking applications Monday for payments to recoup some of those losses.
The $29 billion Restaurant Revitalization Fund is part of the latest round of COVID-19 aid signed into law last month. It would cover up to $ 10 million per restaurant or bar, with a single location capped at $5 million. The National Restaurant Association says more than 110,000 bars and restaurants closed at least temporarily in 2020, and sales were down nearly a quarter from 2019.
Owners can apply through the SBA’s online portal. You can start the registration process Friday before the applications open this Monday at noon.