Greater Boston Chamber Of Commerce: American Rescue Plan Act: Aid For Small Businesses & Restaurants

Boston MA

15 March, 2021

6:20 PM

Description

Press release from the Greater Boston Chamber of Commerce: March 15, 2021 President Joe Biden signed the $1.9 trillion American Rescue Plan Act, which includes aid for small businesses, the new Restaurant Revitalization Fund, the first direct aid for restaurants, and more funds allocated for the Paycheck Protection Program (PPP). The Restaurant Revitalization Fund (RRF), administered by the Small Business Administration, will provide tax-free federal grants to restaurants and bars that meet the qualifications.  RRF Grant Qualifications Details:  Restaurants, bars, taverns, and food trucks are eligible for up to $5 million through this grant program. An eligible business may receive a grant equal to the amount of its pandemic-related revenue loss, which is calculated by subtracting 2020 gross revenues from 2019 gross revenues.  Priority Access for Minority-Owned, Women-Owned, & Veteran Owned Restaurants: For an initial 21 day period, the SBA will prioritize awarding grants for small businesses owned by people of color, women, and veterans.  The Small Business Administration will announce the date that grant applications will be accepted.  Be sure to have your company's DUNS number and SAM number for the application. Both numbers require free registration. This press release was produced by the Greater Boston Chamber of Commerce. The views expressed here are the author's own.