FAYETTEVILLE, Ark. (KNWA/KFTA) – May 3 is the first day restaurants and food establishments can apply for relief from the Restaurant Revitalization Fund.
The owner of Herman’s Ribhouse, Nick Wright, says today is a day he’s has had circled on his calendar for some time now.
The Restaurant Revitalization Fund is a part of President Joe Biden’s “American Rescue Plan” passed back in January It allocates more than $28 billion of relief to restaurants and other hard-hit food establishments.
Wright tells me taking out loans were essential to Herman’s surviving the pandemic and he’s optimistic the relief funds will help him pay back the majority of them
“We’re accumulating a lot of debt during COVID-19. You know but we’re going to work hard and we’re going to get through it. The government now they’ve got loans out there that they’re giving out to small businesses,” says Wright.
Wright believes he will be eligible for somewhere in the neighborhood of $200 thousand, but the U.S. Small Business Administration states each business will be eligible for up to $10 million in pandemic-related revenue losses.