American Rescue Plan Act provides aid for hospitality businesses
WASHINGTON, D.C. – Businesses in the hospitality industry will be looking for some much-needed aid in the recently-passed $1.9 trillion American Rescue Plan Act.
More than $40 billion in economic aid will be available through various programs to help restaurants, bars and closed venues bounce back from the effects of the pandemic.
The Restaurant Revitalization Fund will provide direct grant payments to restaurants and bars who lost revenue during COVID.
Individual restaurant owners can apply for up to $5 million in grants.
The first three weeks of the grant period will prioritize restaurants owned by women, people of color and veterans.
The Shuttered Venue Operators Grant will provide assistance to venues affected by COVID-19.
Applications for the SVOG will open on April 8.
The state Department of Commerce says they are ready to provide help with the application process.
“These are very complex processes and programs. So the team at commerce can help navigate these programs on behalf of businesses. So, if a business has a question we encourage that business to contact the department of commerce via phone email, you name it,” said state Commerce Commissioner James Leiman.
You can find more information on benefits, and application requirements for each program here.
You can contact a Small business Development Center for help here.
The U.S. Small Business Administration will be offering a free webinar on the programs on March 30, from 1:30 to 3 p.m. CST. Businesses can sign up for the webinar here.
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