Although the food and beverage industry lost over $300 Billion in revenue in 2020 due to forced closures, there is some opportunity to recoup losses for the smallest venues. In the coming weeks, the SBA will begin administering grants to cover revenue losses. Those with 20 or fewer employees, and 2019 revenues of less than $500,000 will be first to qualify. Those with revenue of $5 Million or less will be able to apply 2-3 weeks later.
The grant will be a simple calculation. If your sales in 2020 were less than 2019, you apply for the difference (taking out any PPP funds you may have received). The $28 billion will be gone quickly, not enough to make up the differences.
