Incentive Package: $ 28.6 billion in SBA rewards to food and beverage companies
SHREVEPORT, La. (KTAL / KMSS) – The $ 1.9 trillion COVID-19 relief package signed on March 11 that put an extra $ 1,400 in Americans’ pockets was also aimed at helping in other areas affected by closures during the pandemic.
The restaurant revitalization program, which has allocated $ 28.6 billion to the Small Business Administration, is included in the package (section 5003) to help them keep their doors open. the country is opening up again.
To be eligible, businesses must provide documentation proving that on-site food and beverage sales to the public in 2019 returned at least 33%. For businesses that opened in 2020 or have yet to open, the business model should have considered at least 33% gross sales.
Eligible entities are businesses that are not closed permanently and include businesses where the public or customers meet for the primary purpose of being served food or drink, including:
- Food stalls, food trucks, food carts
- Bars, lounges, lounges, taverns
- Facilities or licensed premises of a producer of alcoholic beverages where the public can taste, taste or purchase products
- Other similar places of business where the public or customers gather for the primary purpose of being served food or drink
- Snack and soft drink bars
- Bakeries *
- Breweries, tasting rooms, taprooms *
- Breweries and / or microbreweries *
- Cellars and distilleries *
- Hostels **
This program will provide restaurants with funding equal to their lost revenue from the pandemic of up to $ 10 million per business and no more than $ 5 million per physical location. Recipients are not required to repay funding as long as funds are used for eligible uses by March 11, 2023.
To find out more about the program:
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