An Update on the Restaurant Grant Program

Multiple rounds of financial aid for small businesses have been passed by Congress, one of the most recent being the American Rescue Plan. This plan includes a new grant program for food and drinking establishments.

Eligible grant recipients range from food trucks to restaurants, and from brewpubs to saloons. However, government operated businesses and publicly traded companies are not eligible.

According to the article, the grants are equal to the business’s pandemic-related revenue loss: 2019 gross receipts minus 2020 gross receipts. Businesses are required to reduce their pandemic-related revenue loss by any amounts received under the Paycheck Protection Program (PPP).

Funds can be used for: Payroll costs; Mortgage principal; Mortgage interest; Rent; Utilities; Maintenance expenses; Supplies; and more. For further details go here.