The $1.9 trillion American Rescue Plan Act of 2021 (Act) that President Biden signed into law on March 11, 2021 includes a new $28.6 billion Restaurant Revitalization Fund (the Fund). The Fund will provide much-needed grants instead of loans to restaurants, bars, food trucks, brewpubs and similar businesses, with the exception of publicly traded companies and/or those businesses (together with any affiliated businesses) with more than 20 locations, regardless of whether those locations do business under the same or multiple names. In other words, the Fund supports small (or small-ish) businesses and sets aside $5 billion for restaurants whose annual revenue is $500,000 or less.
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