Biden Promotes Restaurant Revitalization Fund

Biden Promotes Restaurant Revitalization Fund.

The president talked about the newly-launched $28.6 billion fund, created to help struggling restaurants amid the pandemic, on May 5.

There are families of all races, all ethnic backgrounds, all nationalities in this country who have built their American dream around a family, a family-owned restaurant, President Joe Biden, via statement.

And for more workers their own story of economic progress starts in a restaurant, President Joe Biden, via statement.

If we want our economy to recover the way that deals everyone in, then our restaurants need a seat at the table, no pun intended, President Joe Biden, via statement.

Applications for the program were made available on May 3.

The U.S. Small Business Administration says the fund will grant up to $10 million per business in accordance with losses suffered during the pandemic.

Small businesses owned and operated by women, veterans and others who face disadvantages will be prioritized for the first 21 days of the program.

If the funds are used for eligible expenses before March 11, 2023, they do not have to be repaid.

White House press secretary Jen Psaki said the first round of funds will be delivered to eligible pilot program recipients on May 7.

Businesses that start applying now can expect an answer within two weeks