Biden stimulates US restaurant industry with USD 28.6 billion relief fund

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President Joe Biden, has signed the third COVID-19 stimulus package for USD 1.9 trillion to help some of the people and institutions hit hardest by the virus.

The American Rescue Plan, as it’s known, is the first package of its kind to truly target restaurants, helping food service establishments around the country avoid closure through billions in grants. 

The bill will allocate nearly USD 30 billion through the Restaurant Revitalization Fund to devastated food service establishments, including bars, and food trucks, and vendors. Unlike the Paycheck Protection Program, which saddled restaurants with burdensome loans if the bulk of the funds weren’t spent on payroll, these restaurant relief dollars are grants, plain and simple. Grant sizes will generally be determined by subtracting lower 2020 pandemic-era receipts from higher 2019 gross receipts.

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