Blog Post by CRA Partner National Retail Federation
Small retailers deserve the same opportunity as restaurants to rebuild their businesses and serve their communities
The retail and restaurant industries were two of the hardest-hit sectors of the economy by the COVID-19 pandemic. Small retailers and restaurants alike were deemed “nonessential” and faced government-mandated closures and restrictions on operations, which led to substantial revenue losses.
Congress created several loan and grant programs through COVID-19 relief legislation like the CARES Act and the American Rescue Plan. One grant program, the Restaurant Revitalization Fund, gives direct aid to struggling small business restaurants through grants. The RRF provides restaurants with funding equal to their pandemic-related revenue losses up to $10 million per business; recipients are not required to repay the funding.