DeKALB - DeKalb bars and restaurants hit hard by COVID-19 are being encouraged to apply quickly for a federal Restaurant Revitalization Fund grant, according to an announcement by the City of DeKalb.
The grant covers all pandemic-related revenue losses for bars and restaurants, as the industry was hit particularly hard by COVID-19 due to state safety precautions which required bars and restaurants to close. Grants provided by the fund does not need to be paid back as long as it is used by March 11, 2023, the release states.
Applications are being accepted now, and the program ends when the $28.6 billion budgeted for bars and restaurants is exhausted, so businesses are encouraged to apply as soon as possible, according to the announcement.
For most eligible businesses, the possible grant amount is the difference between 2019 gross receipts and 2020 gross receipts, minus any PPP loans which were received. The grants are capped at $10 million per business and no more than $5 million per location.
Along with bars and restaurants, caterers, food trucks, nonalcoholic beverage bars, breweries and other food and beverage businesses are eligible; although, grant guidelines may differ.
The grants are being awarded by the Small Business Administration. Information on applying can be found here: https://tinyurl.com/hf62un5t.