(Des Moines) – Restaurants, bars and other food service businesses can now receive money to stay afloat as the country goes through the pandemic.
The US Small Business Administration is now offering forgivable loans under the Restaurant Revitalization Fund, which has $ 28.6 billion for small businesses hit hard by the COVID-19 pandemic. Leon Milobar is the District Director for the SBA’s Nebraska District Office, covering Iowa, Missouri, Nebraska, and Kansas. He says restaurateurs are eligible to receive up to $ 5 million to cover the losses they have suffered due to the pandemic.
âWe’re asking a variety of questions regarding the impact this had on their business and their gross sales year-over-year in 2020 versus 2019,â Milobar said. “We are helping to make up the difference. We will also ask them if they have received any of the PPP loans.”
Jayne Armstrong is the director of the SBA’s Iowa district office. She says the funds cover restaurants, bars and any other establishment that serves food and drink.
âThey really were the industry hardest hit among small businesses during the pandemic,â Armstrong said. âIt’s more than just restaurants. These are restaurants, cafes, food trucks, bars, wineries, breweries, breweries and everything in between. Keeping the lights on is essential for many of these businesses.
Business owners can apply for financing from SBA approved point-of-sale vendors or from the SBA themselves. Armstrong said the food service industry was particularly affected by the pandemic, which is why the program was established as part of the US bailout.
âIt’s our friends and neighbors and family members who own these businesses on Main Street,â Armstrong said. “If a good thing came out of this pandemic, it’s that America has recognized the importance of small businesses to the economy, especially the businesses that are in our neighborhoods and our own communities.”
The SBA also administers the Paycheck Protection Program Loans that were popular with small businesses in Iowa. Armstrong says the administration continues to work with companies affected by the pandemic.
âThanks to the pandemic here in Iowa, we’ve provided more than $ 8 billion in P3s and economic disaster loans to Iowa businesses and nonprofits,â Armstrong said. âWe’ve been very, very busy at the SBA. This is in addition to our regular daily work of all the regular SBA loans we make as well. We get a lot of money on the streets. the small business community to keep the lights on and employees employed. “
For more information or to apply for the program, visit SBA.gov. Milobar and Armstrong were recent guests on KMA’s AM show in the AM program. You can hear their full interview below.