New federal funds are available to Hoosier restaurants

INDIANAPOLIS (Inside INdiana Business) — Hoosier restaurant owners are encouraged to register for new federal funding to help offset losses from the COVID-19 pandemic. The U.S. Small Business Administration has launched the $28 billion Restaurant Revitalization Fund to help an industry just beginning to recover from the pandemic.

The federal portal will open Monday to accept applications, but businesses can start registering Friday.

The Indiana Economic Development Corp. and the Indiana Small Business Development Center are encouraging Hoosier businesses to register and apply as soon as possible.

“It is vital for eligible Indiana businesses to apply as soon as possible, as we anticipate these federal funds will be distributed quickly across the nation,” said David Watkins, state director for the Indiana SBDC.

The fund, which is part of the American Rescue Plan, will award restaurants between $1,000 and $5 million per location to offset expenses, such as payroll and supplies.

To learn more about the restaurant program and to register, click here.