SBA to provide loans to bars and restaurants affected by pandemic

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Bars and restaurants in Iowa that still struggle to stay open will soon be able to apply for grants thanks to a new program offered by the US Small Business Administration.

Jayne Armstrong, director of the SBA’s Iowa District office, says just because thousands of Iowans get vaccinated doesn’t mean the pandemic is over and many restaurants across the state remain desperate for their lives. clients.

“Many are still hanging, barely, barely hanging. We haven’t been through that yet, ”says Armstrong. “We’re always talking about ‘be loyal, buy local’, and we need to make sure that local businesses across Iowa always have their lights on when coming out of this pandemic, so absolutely that’s critical.”

The SBA’s Restaurant Revitalization Fund will make $ 28.6 billion available nationwide to the hardest-hit small restaurants. “There are so many different industries that are eligible for this,” says Armstrong, “everything from restaurants and bars, wineries, distilleries, breweries and taprooms, cafes, ice cream parlors and food trucks.”

There is no announced launch date for the program yet, but Armstrong says it will be in a few weeks. Restaurant owners can SBA website now to learn more about the program and see if they will qualify.

“There are grants of up to $ 5 million per location,” says Armstrong, “and it can be for anything from salary costs to utility payments, any type of business expense with equipment. protection and cleaning, and the construction of outdoor seats linked to the pandemic. “

During the first 21 days with the program open, she said, the agency will prioritize reviewing applications from small businesses owned by women, veterans, and the socially and economically disadvantaged. After that, all eligible applicants are encouraged to submit applications.



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