Illinois restaurants can now apply for revitalization fund grants
Added 05-04-21 05:23:02pm EST - “Illinois restaurants and bars reeling from the COVID-19 pandemic are getting more relief. Affected businesses can now apply for Restaurant Revitalization Fund grants from the U.S. Small Business Administration.” - Washingtonexaminer.com
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Illinois restaurants and bars reeling from the COVID-19 pandemic are getting more relief. Affected businesses can now apply for Restaurant Revitalization Fund grants from the U.S. Small Business Administration.
The $28.6 billion federal program provides restaurants, bars, caterers and other eligible establishments grants equal to their pandemic-related revenue losses.
It is similar to the Paycheck Protection Program in some ways, as loans are forgivable. The PPP was broader while the Revitalization Fund is designed to help restaurants and bars with COVID-related expenses.
Unlike the Paycheck Protection Program, which required businesses to spend the loan within 24 weeks, businesses have two years to use funds they get under the Restaurant Revitalization Fund program.
The Restaurant Revitalization Fund will have an immediate impact on Illinois’ hardest hit restaurants and bars and will help boost the recovery of our local economies,” said Sam Toia, president and CEO of the Illinois Restaurant Association.
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