On March 11, the American Rescue Plan Act was passed into law. The package includes $28.6 billion in grant funding for restaurants in the form of the Restaurants Revitalization Fund.
FoodLab Detroit and the Independent Restaurant Coalition (IRC) will host a roundtable discussion to talk through the federal grant program to help restaurants offset losses due to the COVID crisis.
Here are steps restaurant owners can complete right now to give them a leg up on the forthcoming application process.
- Access grant-related resources. Saverestaurants.com provides information, available in numerous languages, including a guide to acquiring a DUNS number (Data Universal Numbering System) and registering for SAM (System for Award Management), two steps that can be completed right now. NOTE: Operators are encouraged to complete both of these steps as soon as possible, since it can take up to two weeks to be approved.
- The first 21 days are going to be set aside specifically for women-owned, veteran-owned & socially or economically disadvantaged businesses. And $5 billion will go to restaurants that made $500,000 or less in 2019.
- Register for FoodLab’s upcoming roundtable with the IRC on April 6th at noon EST. The 60-minute Zoom call will cover how the legislation could impact their business and how they can prepare to apply for funding. Register here: https://us02web.zoom.us/meeting/register/tZckduutrD0pGtEh_BEbPm2hYKx-CAmpImfQ
- Sign up for updates from the IRC. They are supplying regular updates on grant funding. Join the IRC here: https://www.saverestaurants.com/join/
The Small Business Administration’s Guidance for Businesses and Employers to Plan and Respond to Coronavirus
U.S. Chamber Coronavirus Resources and Coronavirus Response Toolkit
U.S. State Department Travel Guidelines
DoL Guidance for Preparing your workplace for COVID-19
CDC Guidance for Businesses and Employers
SBA to Provide Disaster Assistance Loans for Small Businesses Impacted by Coronavirus
Commonly Asked Questions
If you are unsure of how this crisis applies to your business and what you can do, the Michigan Economic Development Corporation created a FAQS page to answer some of your questions. Please visit their website here.
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