Congressman at Capital District restaurants: register early for new COVID relief fund
CAPITAL REGION – U.S. Representative Paul Tonko, D-Amsterdam, recommends that restaurants register early for direct assistance from the Restaurant Revitalization Fund.
Companies can start applying at noon Eastern Time on Monday.
They can register with the US Small Business Administration at https://restaurants.sba.gov/requests/borrower/login/
The fund holds $ 28.6 billion and will provide qualifying restaurants and businesses with an amount equivalent to their lost revenue from the pandemic, up to $ 10 million per business.
Relief does not have to be repaid, provided funds are directed to qualifying uses by March 11, 2023.
“Independent restaurants in our Capital Region are the cornerstones of our communities, but they are among the businesses hardest hit by this pandemic and in greatest need of financial assistance,” said Tonko. “This is one of the reasons I fought so hard to get this direct relief lifeline for them and their employees as part of our US bailout.”
The fund was created by the American Rescue Plan that Tonko helped adopt and be promulgated last month. The law incorporated key provisions from the Restaurant Law, which Tonko co-sponsored in the last session.
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