COVID-19 Restaurant Grants: What Does It Mean? – Ziosk

March 11, 2021
Industry Trends
On the Horizon

Now that the $1.9 Trillion COVID relief bill has been signed into law by President Biden, let’s examine how these COVID-19 restaurant grants will impact the restaurant industry.

Of the $1.9 Trillion in the bill, $28.6 Billion has been set aside for restaurant aid. Differing from the PPP loans from last year, the money set aside in this bill is a grant rather than a conditional loan, giving restaurants more flexibility as to how to use the money. Other utilization details about the grants are as follows:

  • $5 Billion of the $28.6 Billion has been set aside for smaller restaurants with annual gross receipts of $500,000 or less.
  • Publicly traded restaurants / restaurant groups with over 20 locations are ineligible for the grant.
  • Restaurants owned by women, veterans, or economically / socially disadvantaged minorities will receive priority for the first 21 days.
  • The grants are capped at $10 million for restaurant groups and $5 million for individual restaurants.
  • If your restaurant received a PPP loan after 12/27/20, that loan amount will be deducted from your grant allowance.
  • All of the funds given out must be used by the end of the year.

Restaurants can prepare to apply for funds through this website.

Share this post

Join our newsletter to stay up to date on features and releases.
By subscribing you agree to with our Privacy Policy and provide consent to receive updates from our company.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
© 2023 Tabletop Media LLC (“TTM”), All rights reserved.