The federal government allocated $28.6 billion to help the struggling restaurant industry. | Adobe Stock
The federal government allocated $28.6 billion to help the struggling restaurant industry. | Adobe Stock
Restaurant owners and stakeholders celebrated the $28.6 billion in grants pegged for the industry as part of the $1.9 trillion American Rescue Plan.
With the funds slated to be overseen by the Small Business Administration, a maximum of $5 million per location or a total of $10 million total will be available to establishments.
Restaurant owners are hoping the grant will help breathe renewed life into an industry ravaged by the impact of COVID 19.
The Illinois Restaurant Association called it “a win for the industry,” Eater Chicago reported.
Still, other owners told Eater Chicago that the funds could mark a new phase in allowing them to return to doing what they do best.
Owners can use the funds for payroll, employee benefits, paid sick leave, mortgage, rent, utility bills; construction of outdoor seating, masks, cleaning supplies, food, and to pay off debts to suppliers. SBA will prioritize aid to “socially and economically disadvantaged individuals,” women, and veterans.
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