The past year has been difficult for everyone, and those in the restaurant and bar industry are certainly no exception. If you and your business are struggling, we’ve collected some resources that can help you find the government assistance programs you need.
How to Find and Access Government Assistance Programs for your Restaurant
No matter how well your restaurant or bar was doing pre-pandemic, the past months have definitely changed the landscape of the industry’s playing field. They’ve also created a need for assistance for many business owners in order to see their establishment persevere through these tough times. In today’s post, we’ve collected some helpful tips to assist you in finding government support for your restaurant or bar.
What Kind of Financial Assistance Programs are Available?
The United States and Canada have already pledged trillions of dollars in funding allocated just for restaurant owners in order to support the industry–and more funding is likely on the way. Government assistance programs are varied and plentiful, so you can be assured that there will be a support system tailored to your specific type of establishment if you qualify for relief.
If you’re a restaurant or bar owner struggling to pay the bills for your establishment or even had to close your doors indefinitely, there’s a good chance that you quality for at least some government assistance. Here are some options we’ve collected that can help you find the support you need.
Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
The CARES Act passed in 2020 contains support systems for small businesses that have had to suspend their operations due to COVID-19 shutdown orders. Businesses that qualify may be eligible for a tax credit on a per-employee basis. The CARES Act also contains many more resources and assistance opportunities for small businesses. It’s worth exploring which options you qualify for even if you aren’t eligible for the tax credit benefits.
U.S. Small Business Administration Disaster Loans
Loans and grants for small businesses facing tough times can be applied for through the SBA’s website. You can also apply for both a grant and a loan simultaneously. The SBA also offers Express Bridge Loans for businesses that already have SBA loans and need access to more funds due to current circumstances.
Financial Assistance for Employees
Restaurant and bar owners aren’t the only ones struggling. Employees are also facing tough circumstances, especially if guidelines have put them out of work temporarily. The US Government has increased funding to be put towards unemployment insurance. Unemployment insurance policies and coverages vary by state, so be sure to check which options are available to you. Other non-governmental bodies, like One Fair Wage, also have support systems in place for restaurant workers who are struggling.
We hope that our tips have helped you consider some relief options that may be perfect for your business! Best of luck to everyone out there–we’re all in this together!
