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3 Pandemic Relief Programs for Restaurant Owners

12/21/2021

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Many restaurants re-opened this year, despite the devastating effects of the COVID-19 pandemic on employment and the economy. Some have done so while dealing with a new set of challenges. Occupancy restrictions, supply chain issues, and staff shortages add to the ongoing struggle to maintain a profitable foodservice business.

Fortunately, pandemic resources for restaurant owners are available through national and local government assistance programs. Hear our recommendations on three programs worth considering to help your business thrive.

Restaurant Revitalization Fund

This U.S. Small Business Administration (SBA) program is designed to assist with pandemic-related revenue loss of up to $5 million per physical location. Funds awarded to eligible restaurants are considered grants that do not have to be repaid if used for allowable business expenses by March 11, 2023. Besides covering payroll costs, funds can be used to pay for business-related debts, rent, and a variety of operational costs. Some restrictions apply.

Since details change with federal assistance programs, restaurant operators are encouraged to sign up for SBA email alerts regarding this program by clicking here.

Apply for this program using SBA's Restaurant Revitalization Award Portal.

COVID-19 Economic Injury Disaster Loan (EIDL)

The SBA also offers a low-interest rate loan program to eligible businesses around the country. Loan proceeds may be used to cover operating expenses similar to those of the Restaurant Revitalization Fund. However, you must meet loan eligibility requirements, such as a minimum credit score of 570 and collateral for loans greater than $25,000. Other restrictions apply. EIDL funds are only available through December 31, 2021, unless depleted before that date.

Facts regarding this loan program are subject to change. The information provided is based on details available as of September 8, 2021. Please see FAQ Regarding COVID-19 EIDL for the most up-to-date information.

Online applications are available on the SBA's COVID-19 EIDL webpage.

Work Opportunity Tax Credit (WOTC)

Hire and retain a new employee from WOTC's target group who works for a minimum of 120 hours during the first year of employment, and you could be eligible for a federal tax credit of up to $2,400. Keep in mind that the employee must have been unemployed for at least 27 weeks and meet other requirements before you can receive the credit. He or she cannot be a former employee of your business.

Eligible businesses should speak with a qualified tax professional or review the updated Instructions for IRS Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Credit, for details on the tax implications of pursuing this tax credit. Form 8850 includes qualifying questions employers can legally ask potential employees.

The completed form must be submitted to the Illinois Department of Employment Security within 28 days of the employee's hire date.

We’re Your Trusted Business Partner

Receive additional insight with identifying an assistance program that's a match for your needs when you speak with one of our Business Bankers today by contacting us at 866.770.3100. Our experienced team can use their knowledge to also help you identify ways to improve cash flow and so much more when you request a complimentary business financial review. Don't delay! Government assistance funds are limited, so reach out to us today.

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