$28 billion federal grant to provide crucial funds to restaurants
JACKSON, Tenn. — If you’re a restaurant owner affected by COVID-19, a federal grant program is now open.
As part of the American Rescue Plan Act of 2021, another $28 billion was set aside to help in America.
Starting at noon Monday, restaurants could apply to receive grants from the Restaurant Revitalization Fund.
These loans have been crucial throughout the COVID-19 crisis, and multiple restaurants in the Hub City say they’re going to apply in the latest round.
“I would recommend it for sure, for small businesses to look at it. Because if they stay afloat, the economy stays afloat,” said Ignacio Morales.
Morales owns the Farmer’s Perk food truck. They typically do events throughout the year, but coronavirus stopped a lot of those.
“We’re definitely going to apply. Right now, because of the pandemic, we’re just now starting to recover, but we’re just now starting to recover from last year. So this’ll be the bump that will keep us going,” Morales said.
Morales mentioned, they applied for earlier rounds of federal funding, and that money helped them get through a tough time.
“If it wasn’t for the most recent one, we would not be opening as early as we did this season. That actually helped us start a lot earlier. We had been operating at a loss since October of last year,” Morales said.
The newest round also has extra priority qualifications.
If you are one of the businesses that qualifies, and you are in one of these groups, your applications will be processed first.
If you are not in one of those groups, your applications will still be processed. It will just be later in the month.
All the tools needed for applying are on the Small Business Administration website.
“Mom and pops have suffered. We’ve suffered. It was crucial that we had those loans to keep us going until business started picking up,” said Jack Baudo, owner of Mama Baudo Chow Bella.
Things are starting to reopen throughout Tennessee and the country, but if you own a restaurant and you saw a drop in revenue because of the virus, you owe it to yourself to apply and see what you can get.
“As a small business owner, I am just grateful I was able to stay afloat because they took steps to help us out,” Morales said.