Restaurant Revitalization Fund

Published: May 28, 2021

Due to health reasons, I have not been able to blog consistently as I have in the past. I was identified with lung cancer by Veterans Administration in October 2018, after receiving my doctorate in Business Administration from California InterContinental

 University in August 2018. Then in May 2019, my diagnosis was upgraded to metastatic lung cancer, which means cancer has circulated to other areas of the body, in my case, to my spine. Then in December 2020, once again, this dreaded disease start attacking my body once again. The cloud of fatigue was forever looming more than I cared, which caused this entrepreneur to lack focus.

Nevertheless, much has happened, from the verdict in the George Floyd case to the Biden Administrations’ goal to putting American citizens first (American Family Plan). And there is The American Jobs Plan and businesses back to work through The Restaurant Relief Fund. This new administration is looking at the average worker, citizen to encourage the economy and lift the average American to return to some normalcy that we have lost during the last year (2020) of the pandemic.

Through the Biden administration, Americans are nearly 60% of the population vaccinated against this dreadful disease that has taken over 500,000 of our fellow citizens. However, much work still to be done in this area. For about 46% of the population has stated that they have no desire to vaccinate. If this is to remain true, then we have a long way to go before this pandemic is through with us.

President Biden American family plan, intended to pull families out of poverty and provide them with a level field to succeed in America. The plan incorporated with the American Jobs Plan will rebuild America’s roads and highways and bridges, crumbling under years of neglect. Then there is the Restaurant Revitalization Fund meant to help those struggling restaurants that were hit hardest and need assistance to keep their doors open and rehire those employees who were let go due to the pandemic.

The Restaurant Relief Fund

The Biden American Rescue Plan, known as the Restaurant Revitalization Fund (RRF), provide help to eateries and other qualified industries ways to keep their doors open This planned program will provide restaurants and other like-kind industries with backing equal to that of the pandemic-related proceeds losses up to $10 million a business and no more than $5 million per physical location. Beneficiaries are not required to repay the money as long as resources are used for qualified uses no later than March 11, 2023.

During this pandemic, the hospitality industry hit hard, and the National Restaurant Association claimed $240 billion in sales lost by this industry. More than 110,000 eateries have closed either permanently or temporarily during the pandemic. Thus, does not include the thousands of job loss from these closures. If you want more information on this program and how to start an application, click this link.

Alternative Financing

A cash advance is a loan that credit card companies advance to their merchants, collateralized by their credit card purchases taken from upcoming sales under contract for a certain period of- time by their credit card provider. This loan is a more expensive way to borrow money, and it is taken more frequently versus an unsecured loan that my agency can offer your business through a tax deduction that your business can write off. So now that America is back to work and businesses are reopening, are you financially stable to move forward?

We have five products that we promote for your business:

  • Interest-only flex-pay loans
  • Flex-Pay loans
  • Lines of credit
  • Working Capital loans
  • Bridge Loans

We have dedicated licensed loan consultants dedicated to matching your organization with the right program that makes sense and inspires business growth for your firm. We can have funds in your bank account within 5-7 days from the start of the application. So let’s chat soon to answer all your questions on the financing of your business with its next project. Let’s talk!

The Reopening of America

As of the writing of this blog, American is beginning to reopen for businesses of all kinds. The CDC has announced that vaccinated individuals no longer must wear a mask when out in public, but who is to know who is vaccinated? So the question is, how do you know who has been vaccinated or not? Will this be an issue that must be dealt with as far as travel and interacting with others? How will this new mandate be imposed?

Nevertheless, America is happy with the business reopening, and some resemblance of a pre-pandemic life can be once again achieved. No one could be more happier than restaurateurs in going back to the pre-pandemic way of life as it was before. So here is another question, do you really feel safe among the crowds of people not knowing who has been vaccinated?

So always, I look forward to your comments on this and other blogs published. So let me know your thoughts, and please make a comment on this blog, and I will reply!
Dr. Donald E. Mitchell

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