It is no secret that small businesses have really taken a hit this past year. From having to close their doors at the beginning of the pandemic to having close to no funds to keep their doors open, it has been a tough year for all businesses. But one business group in particular took the biggest hit and that is the restaurants.
Restaurants everywhere had to close down for the most part. If they could afford outdoor seating and to-go orders only, they would do that, but when the pandemic first started restaurants were shell-shocked. Throughout the course of the pandemic, we have seen restaurants becoming eligible for the Paycheck Protection Program (PPP) which provided loans to businesses to keep employees employed. However, the biggest problem with the PPP was that they would have to pay those loans back eventually, which put businesses in a frustrating place of “Should I take this money and keep my doors open, but be in debt or should I pray for something better to come along?”
That is why there was an instant feeling of relief upon all restaurant owners when Biden signed the Relief Act. The $28.6 billion that is going to independent and small-chain restaurant is a grant from the government, not a way to get in more debt. The restaurants who are eligible will not have to worry about paying this back and they will be able to keep their doors open until the pandemic thins out. Whether you are just open for take-out or outdoor dining, you can relax a bit because the Relief Act has you covered.
What are your thoughts about the benefits the Relief Act has for restaurants across the country? Let us know down below!
This article is originally published on GREY Journal.