In Defense of the Food Industry (American Rescue Plan Act, Part 1)
Additional federal assistance is now available to the beleaguered restaurant industry struggling during the COVID-19 pandemic. The American Rescue Plan Act of 2021, signed by President Joe Biden on March 11, 2021, has set aside $28.6 billion for businesses operating for the primary purpose of serving food or drinks. The Restaurant Revitalization Fund aims to provide relief for pandemic-related revenue losses not reduced by Paycheck Protection Program loans.
In the first article of a two-part series, Phil Jelsma, CGS3 partner and chair of the firm’s tax practice team, breaks down the grant’s deadlines, eligibility requirements, and formulas for calculating the amounts available to restaurant applicants.