IARN — The U.S. Small Business Administration is offering forgivable loans to restaurants, bars and other foodservice businesses to help them recover from the impacts of the COVID-19 pandemic.
The Restaurant Revitalization Fund has $28.6 billion available for small businesses hit hard by the pandemic. Leon Milobar is district director for the SBA’s Nebraska District Office, which covers Iowa, Missouri, Nebraska and Kansas. He told IARN affiliate KMA that restaurant owners are eligible to receive up to $5 million to cover the loss they incurred because of the pandemic.
“We ask a variety of questions regarding the impact it’s had on their business and their gross sales year-over-year from 2020 versus 2019,” said Milobar. “We help make up the difference. We also will ask them if they have received any of the PPP loans.”
“They’ve really been the hardest-hit industry among the small businesses during the pandemic,” said Armstrong. “It’s so much more than just restaurants. It’s restaurants, coffee shops, food trucks, bars, wineries, breweries, brew pubs and everything across. It’s critical to keep the lights on for many of these businesses.”
Business owners are able to apply for funding through SBA-approved point of sale vendors or through the SBA themselves. Armstrong says food service was an industry hit particularly hard by the pandemic, which is why the program was established under the American Rescue Plan.
“They’re our friends and our neighbors and our family members that own these businesses on Main Street,” said Armstrong. “If one good thing came out of this pandemic, it’s that America has woken up to how important small business is to the economy, especially those businesses that are right in our neighborhoods and our own communities.”
For more information or to apply for the program, visit SBA.gov.
Story courtesy of the Iowa Agribusiness Radio Network
Photo courtesy of U.S. Small Business Administration
