TL;DR
The American Rescue Plan provides relief to the restaurant industry, including grants to restaurants through the U.S. Small Business Administration. The plan's Restaurant Revitalization fund will give more than $25 billion in grants to restaurants across the nation.
In an article published on Fast Casual, Letha Tran, a Togo’s multi-unit franchisee, discussed how the new American Rescue Plan is a step towards a return to normalcy for the restaurant industry.
On March 10th, 2021, President Joe Biden signed the $2 trillion American Rescue Plan. $28.5 billion will go to the Restaurant Revitalization fund, which will give more than $25 billion in grants to restaurants across the nation through the U.S. Small Business Administration. This new bill gives many the hope they’ve been waiting for since the onset of the COVID-19 pandemic more than a year ago.
The first round of PPP loans helped Tran keep doors open and keep employees on the payroll. “I was able to keep 80% of staff employed thanks to the loan,” said Tran.
While she is still waiting on the second round of PPP Loans to be approved, this new relief bill gives her hope. “I believe things will get back to normal soon, and these loans are helping us keep doors open until they do,” she said.
In this story
This story was originally published in 1851 Franchise on April 19, 2021. Burnaze summarizes and links to the original reporting.
Read the full story at 1851 FranchiseLiked this? Get the week's franchise news, explained
- Sunday 8 AM ET weekly + a monthly deep dive
- Sections picked for the industries you follow
- Every claim linked to its source. Free.