Our long battle to get federal grants for restaurants, taverns, and bars is close at hand. The House of Representatives passed the COVID Relief Bill last week which included a $25 billion program to provide grants to independent hospitality industry businesses.
If passed by the Senate, the Small Business Administration will administer a program to give grants to businesses for the difference between their income in 2020 and 2019. As written, it’s envisioned as compensation for 100% of lost revenue although in practice the reimbursement may be less than that unless supplemental funding is approved.
The Senate hopes to pass the bill by March 14th and President Biden will sign it shortly thereafter. It will likely take some time for the SBA to prepare to accept grant applications, but with a little luck money could be flowing this Spring.
We’re working on a plan to help you access this grant program once it’s approved. The grant program is of no value if you can’t take advantage of it – and you need the opportunity to take advantage of it. Stay tuned for more details.