The grant covers expenses and, unlike previous government loans, it doesn’t have to be paid back. There are $28.6 billion in the restaurant fund, and it’s managed by the Small News Administration. In all, 14% of restaurants surveyed stated they will close within three months if the government funding doesn’t reach them soon.
“I feel so unbelievably lucky to be standing on this side of it,” said Cohen. “Every single month at the end of the month, it’s like, ‘Hey, we made it another month,’” said Frillman.
But to keep their doors open, they will need access to the new restaurant revitalization fund, which is part of the $1.9 trillion stimulus bill. Restaurant owners who have survived, like Joe Frillman and Amanda Cohen, are desperate for the money from President Joe Biden’s stimulus package.
The Small News Administration hasn’t given an exact date on when the loans will be available, stating only that it could be this month. Source www.wpxi.com “We’re actually still operating at only about 25% capacity from what we can do. It’s really been a strain in terms of the amount of revenue that we can, that we can pull off,” said Frillman.
For now, there’s a new normal. According to the National Restaurant Association, nearly 30% of restaurants don’t expect to return to normal for at least a year.
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- Restaurants eager to get grants from the Small News Administration – WPXI
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