DAYTON, Ohio (WDTN) – Billions of dollars in federal funding will soon be available to restaurant owners to help them recover lost revenue due to the pandemic.
The latest covid relief package also created the Restaurant Revitalization Fund. The fund will set aside $28.6 billion in grants for restaurants across the country.
“28.6 billion dollars for our industry is not a lot, but it is a substantial first step really to help us dig ourselves out of this,” Wheat Penny Co-owner and Chef Liz Valenti said.
It will cover pandemic-related revenue loss from 2020, minus any Paycheck Protection Program (PPP) loans the business received.
This grant money can be used for more than just payroll, including rent or mortgage, utilities, PPE, and other restaurant operating costs.
The National Restaurant Association said the funding will help an industry that’s suffered more revenue and job losses than any other.
Valenti said the money the government has provided throughout the pandemic has been essential to keeping restaurants afloat.
“The PPP as well as this fund will help to bridge that gap, but we’ve lost many amazing restaurants in Dayton and throughout the midwest and across the country because of COVID, so it’s important that independent restaurants have access to these funds,” Valenti said.
The application process is expected to open near the end of April or early May.