(WTVO) — Small business owners are trying to remain on the job. Some Illinois lawmakers are working to keep restaurants open using the recently-passed American Rescue Plan.
The aid is called the “Restaurant Revitalization Fund.” Officials say it will help keep owners’ doors open and make up for lost revenue. Businesses can use the funds for a list of expenses.
“What you can use the funds for is thinking about it in the context of what is normal business expenses that I need to incur to operate my business or to maintain my business. Rent is another thing that you might look at as an eligible expense. What you can’t use it for is to pay off loans,” said Bo Steiner, District Director of US Small Business Administration.
Applications open Monday. Funding could cover pandemic-related revenue loss up to $10 per business and no more than $5 million per physical location.