With A $28.6B Grant Fund, Restaurant Landlords Hope To Recoup Lost Rent

“The Small Business Administration has administered more than $2B of the $28.6B Restaurant Revitalization Fund signed into law by President Joe Biden as part of the American Rescue Plan, doling out grants to 16,000 applicants, the SBA announced Monday. Restaurant owners, who can receive grants of up to $10M, can use the money to cover various expenses, including payroll, rent, mortgages and maintenance fees, through 2023.

Restaurateurs told Bisnow they plan to use some of the funds to pay rent, hoping to maintain their tenuous relationships with their landlords. Property managers who were flexible with their tenants in the past year are hoping this new money flows back into their pockets to pay their taxes and mortgages — which they are quick to point out have not been abated like their tenants’ rents.” Read more here.