Applications for the program opened on Monday. The $28.6 billion fund was established as part of the $1.9 trillion Covid-19 relief bill the President signed into law earlier this year.
The President will provide an update on his administration’s implementation of that law, which was Biden’s first and most pressing legislative priority since taking office, in the State Dining Room at the White House.
The Restaurant Revitalization Fund will provide restaurants with up to $10 million per business in funding to match their pandemic-related revenue losses, with no more than $5 million per physical location, according to the US Small Business Administration. The minimum award is $1,000.
Funds from the program may be used for costs related to the business including payroll costs, payments on any mortgage obligation, rent payments, debt service, utility payments, maintenance expenses, construction of outdoor seating, supplies and other expenses.
Those who receive the funds do not have to repay the money as long as they are used for eligible expenses no later than March 11, 2023.
Businesses eligible for the funding include restaurants, food trucks, caterers, bars, bakeries, breweries, wineries, inns and others.
The Biden administration has stressed that equity is at the center of their response to the coronavirus pandemic and has focused on communities and Americans hardest-hit by the pandemic and the economic fallout.
The Covid-19 economic relief law included $1,400 stimulus checks to Americans, unemployment assistance, aid to states and municipalities, nutrition assistance, housing aid, tax credits for families and workers, funding for optional paid sick and family leave, health insurance subsidies and Medicaid, more money for small businesses and more.
Shortly after signing the Covid-19 economic relief legislation into law, Biden announced Gene Sperling, a former top economic official in the last two Democratic presidential administrations, would serve as the coordinator overseeing the implementation of the law.
The Treasury Department also established an Office of Recovery Programs to work closely with Sperling and lead the agency’s implementation of economic relief measures from the three massive congressional coronavirus relief bills. The office is led by Jacob Leibenluft.
Now Biden is focused on passing his next legislative priority: roughly $4 trillion in investments focused on infrastructure, education, child care and paid family leave.
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