CAPITAL REGION – U.S. Rep. Paul Tonko, D-Amsterdam, is recommending that restaurants register early for direct relief from the Restaurant Revitalization Fund.
Businesses can begin to apply at noon eastern time on Monday.
They can register through the U.S. Small Business Administration at https://restaurants.sba.gov/requests/borrower/login/
The fund holds $28.6 billion and will provide restaurants and eligible businesses with money equal to their pandemic-related revenue loss, up to $10 million per business.
The relief does not have to be repaid, provided that the funds are put toward eligible uses by March 11, 2023.
“Our Capital Region’s independent restaurants are cornerstones of our communities, yet they are among the businesses hit hardest by this pandemic and most in need of financial help,” Tonko said. “That’s one of the reasons I fought so hard to get this lifeline of direct relief for them and their employees as part of our American Rescue Plan.”
The fund was created by the American Rescue Plan that Tonko helped pass and get signed into law last month. The law incorporated key provisions from the Restaurants Act, which Tonko co-sponsored last term.