Local restaurants are a vital part of our communities. They add vitality and spice to our culture and offer a safe place for personal connection and relationships. Unfortunately, small local restaurants have also been among those most affected by the pandemic. Many have lost revenue and some have had to close their doors, either temporarily or permanently.
As part of the American Rescue Plan, federal assistance was made available to restaurants through the Restaurant Revitalization Fund.
Eligible restaurants may apply to receive funds to compensate lost revenue due to Covid-19, up to $5 million per location and $10 million per multi-location restaurant. The restaurants given priority in the application process will be women-owned, veteran-owned, and minority-owned businesses.
In an effort to reach as many small local restaurants as possible, the Small Business Association (SBA) is partnering with four Point of Sale companies (Clover, NCR, Square, and Toast) to help their customers through the application process. The SBA is also looking into adding more POS companies to this list in the near future.
The purpose of this partnership, according to the SBA’s Administrator Isabella Guzman, is “to better reach the smallest businesses that need our help the most.” This is great news for small restaurants that would not likely have heard about or known how to apply for this funding.
Restaurants which do not have access to these POS systems may still apply online here. The application window has not yet opened, but check back frequently on the SBA’s website and right here on the JR Bookkeeping blog for further updates.
If you are a restaurant owner who needs help with your application for the RRF, we would love to assist you through this process. Contact us today and one of our experts will set up a time to help walk you through the application so that you can get the support you need.
Email us today at firstname.lastname@example.org.