The American Rescue Plan (ARP) signed into law by President Biden in March includes a new initiative called the Restaurant Revitalization Fund, aimed at providing pandemic relief to the restaurant industry.
The Restaurant Revitalization Fund provides $28.6 billion for restaurants — with initial priority to small establishments and those owned by women, veterans, and lower income individuals.
Restaurants, food stands, bars and other food and beverage establishments are eligible for grants of up to $10 million to cover eligible expenses going back to February 15, 2020. Grants will be based on the drop in receipts from 2019 to 2020, net of any PPP loan.
The grant application process should open soon. But there are things you can do NOW to prepare.
Please join Marcum’s Food & Beverage Services Group for a valuable discussion on the Restaurant Revitalization Fund to find out how it may be able to help aid in the survival of your business.
Diane Giordano, Tax Partner, Food & Beverage Services, Marcum LLP
Patrick O’Reilly, Northeast Food & Beverage Services Leader, Marcum LLP
Jacquelyn Rysz, Tax Manager, Food & Beverage Services, Marcum LLP
Elizabeth Blau, CEO, Blau + Associates
This session is eligible for 1 CPE credit.