NEW YORK - The stimulus bill will have an almost immediate effect in New York. Local restaurants and small businesses will be able to tap into over $7B included in the paycheck protection program.
According to the NYC Hospitality Alliance, there will be up to $5 million in grants for individual restaurants, caterers, breweries and tasting rooms or, alternatively, up to $10 million for qualified restaurant groups, to help cover pandemic-related revenue losses.
Restaurant businesses owned primarily by women, people of color, and veterans will be prioritized in the first three weeks of grant applications.
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One-fifth of the funding also is set aside specifically for small businesses, which are defined as those with less than $500,000 in gross receipts in 2019.
Entertainment venues like Broadway theaters have access to over $1B.
The law also provides almost $8B for community health centers to combat COVID nationwide.