President Biden signed the American Rescue Plan Act of 2021 (ARPA) into law on March 11, 2021. It provides an estimated $1.9 trillion in stimulus to aid COVID-19 recovery efforts. Included in the Act are many provisions intended to support both individuals and businesses. Here, we highlight the Restaurant Revitalization Fund:
This Fund will provide grants to restaurants, food trucks, bars, caterers and other similar places where people assemble to be served food and beverage.* Grant eligibility is determined largely on restaurant size. Grants may be used to cover virtually all types of business-related expenses including: payroll, rent, maintenance, supplies, etc. Additionally, grants received from the Restaurant Revitalization Fund will not be treated as taxable income.
*Publicly traded companies, government operated businesses and restaurants with over 20 locations will be ineligible.
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The information contained in this article is intended for educational purposes and to provide a general understanding of regulatory events, legislative changes and the law – not to provide specific legal advice.