Governor John Bel Edwards encourages owners of restaurants, bars, and other food-related establishments to register with the Small Business Administration’s new Restaurant Revitalization Fund. Louisiana Restaurant Association President Stan Harris said $28 billion has been set aside to fund the program.
“The first three weeks of the program the awards will go to 51% or majority-owned businesses by women, by veterans, and by socially or economically disadvantaged businesses,” said Harris.
Harris said the funding is part of the American Rescue Plan and there is a portal to preregister your business at SBA.gov. He said owners should do so ASAP and so far, 110 thousand have signed up.
“We’ve encouraged everyone that we can to get in the portal today, get there as soon as possible because we do believe that there’s going to be a run on the funds,” said Harris.
Unlike previous assistance with PPP loans, Harris said Revitalization funding is based on the value of your lost revenue.
“So, for example, if you had a business that was doing $2-million in 2019, you did a million dollars in 2020 then you’re eligible for a million dollars less the amount of PPP money or Economic Entry Disaster Loan money you’ve received,” said Harris.
Harris said this is another lifeline to help the industry and highly encourages owners to register.
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