Louisiana restaurants, bars, catering companies and other food-related establishments can now register for the U.S. Small Business Administration’s “Restaurant Revitalization Fund,” Gov. John Bel Edwards announced Monday. The fund “allows businesses to offset losses incurred during the COVID-19 pandemic” and has a budget of $28.6 billion for restaurants and other food establishments across the country.
The fund would give restaurants relief funding “equal to their pandemic-related revenue loss up to $10 million per business and up to $5 million per physical location.” Businesses wouldn’t have to repay the money if what they receive is “applied to eligible uses” by March 11, 2023.
“Restaurants are vital to Louisiana’s economy, generating more than $10 billion in annual sales across our state,” Edwards said in a press release. “Our restaurants provide an enjoyable place for us to gather with family and friends, and they attract tourists from all over the world to share our state’s superior cuisine.
Louisiana’s restaurants and bars reached peak employment numbers at 180,000 in 2019, according to the governor’s release. About 80,000 restaurant workers lost their job in the first half of 2020, but according to the governor, “the sector has rebounded to employment of 155,000 as economic conditions continue to improve.”
Businesses looking to register and apply can click here.