Stimulus bill will provide billions for NY restaurants

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.