Garamendi: Financial relief for Solano restaurants available starting Monday
(File photo by Matthew Keys/Solano NewsNet)
Struggling local restaurants who are in need of financial assistance can apply for direct relief through the Small Business Administration beginning today.
The announcement was made in a press release sent by Congressman John Garamendi’s office to reporters early Monday morning.
The funds are being provided through relief money earmarked in the recently-passed American Rescue Plan, which was supported by Garamendi and others in Congress before being signed into law by President Joseph Biden in mid-March.
The U.S. Small Business Administration began accepting account registrations for the Restaurant Revitalization Fund last Friday, with the application process going live early Monday morning.
“Independent restaurants throughout our Congressional District are cornerstones of our community, where we gather with friends and family and mark special occasions in our lives,” Garamendi said in a statement. “I’m pleased that we passed direct relief for them and the people they employ as part of the American Rescue Plan. The comeback of our restaurant and hospitality businesses is an important key to a full recovery.”
The Restaurant Revitalization Fund includes more than $28 billion allocated to help eateries and bars overcome the economic challenges of the ongoing coronavirus health pandemic.
The list of food and beverage-based businesses eligible for relief is long. It includes traditional restaurants, bars and breweries along with niche eating establishments like food trucks, food carts, wineries, bakeries, caterers and some lodges.
The Fund will provide relief equal to the amount of pandemic-related revenue loss for a business up to $10 million. The minimum funding amount is $1,000 per business; those with less than $1,000 in lost revenue will not be accepted into the program.
The relief money is forgivable as long as a business uses it for certain “eligible expenses,” including payroll costs, rent payments, drawing down debt, utility payments, maintenance costs, inventory-related expenses and supplier costs, among others.
Not-for-profit organizations, businesses that have permanently closed and publicly-traded companies are not eligible to participate in this relief program.
The Small Business Administration’s website includes a funding guide (click or tap here) and a sample application (click or tap here) for businesses who are interested in seeking financial relief through the Restaurant Revitalization Act.
Companies that are interested in obtaining relief money through the Restaurant Revitalization Fund are asked to create an account on the Small Business Administration’s website by clicking or tapping here. Once an account is created, the business can move forward with filing an application.
Connect with Solano NewsNet on Twitter and Facebook for breaking news updates.
We’re proud to produce independent news for Solano County. This newsletter is an all-volunteer effort. If you would like to show your appreciation, consider making a donation in any amount or signing up for a paid subscription.