Restaurant industry making a comeback in 2021 with the COVID-19 relief from American Rescue Plan
The COVD-19 pandemic was devastating for businesses across the world, but few would disagree that the restaurant industry was one of the industries hurt the most. With social distancing requirements forcing restaurants to end in-person dining, many eateries simply couldn’t continue to even pay their rent as lockdowns stretched on and on. The Payment Protection Program provided a lifeline to some restaurants, serving, as of July, some “49,000 loans of $150,000 or more made to restaurant companies” according to Restaurant Business Online . But for many, it wasn’t enough. “As of Dec. 1, 2020, more than 110,000 eating and drinking places were closed for business temporarily, or for good,” reported the National Restaurant Association in January of this year. That said, some restaurants continued to hold on and now, thanks to the American Rescue Plan, which President Biden signed in March, restaurants should receive some relief. What kind of help can restaurants expect, and how can th...