Restaurant Revitalization Fund
Few have been damaged more than restaurants by the pandemic. Some persons have estimated that as many as fifty percent (50%) of the restaurants in San Francisco will never reopen. So many of these restaurants were individually or family-owned and built up over years with hard work and incredible effort. Not only were restaurants damaged, but so many restaurant workers have lost their jobs and left the restaurant industry making it hard for remaining restaurants to reopen.
This firm represents restaurants and has helped owners in a number of areas such as re-negotiating leases, extending debt obligations, and dealing with employment and other related issues.
The recent Rescue Act passed by the U. S. Congress included around forty billion dollars as part of the Restaurant Revitalization Act. Applications for funding are now being handled by the Small Business Administration (SBA). The SBA may provide funding of up to $5,000,000 per location (not to exceed $10,000,000 total per applicant with other affiliated businesses). Awardees of funds will not be required to repay monies received under the program unless the funds are used for purposes other than as authorized under the Act.
Should you need any legal help with your restaurant business, please do not hesitate to contact us.