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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HR Workplace Services, Inc. (HRWS) partners with the nation’s top insurance brokers and agencies providing their clients with best-in-class services for support and HR concerns, compliance and technology. HRWS operates in all 50 States and in over 25 different countries, serving organizations from three to 200,000 employees in 545 SIC Codes.
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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.