SBA Announces $28.6 Billion Restaurant Revitalization Fund Application and Guidelines
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U.S. Small Business Administration Announces $28.6 Billion Restaurant Revitalization Fund Application and Guidelines
Economic relief prioritized for underserved communities
WASHINGTON – The United States Hispanic Chamber of Commerce is proud to share strong support of this week’s announcement that U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman announced the new $28.6 billion Restaurant Revitalization Fund (RFF). Key details on application requirements, eligibility, and a program guide for the Restaurant Revitalization Fund were also shared this week.
The restaurant industry has been among the hardest-hit sectors during the economic downturn caused by the COVID-19 pandemic. To help bring jobs back and revive the industry, the American Rescue Plan, signed into law by President Joe Biden, established the $28.6 billion Restaurant Revitalization Fund at the U.S. Small Business Administration (SBA). The SBA will administer the funds to the hardest-hit small restaurants.
“Today, we are starting the process to help restaurants and bars across the country devastated by the pandemic, and this is our message: Help is here. With the launch of the Restaurant Revitalization Fund, we’re prioritizing funding to the hardest-hit small businesses – irreplaceable gathering places in our neighborhoods and communities that need a lifeline now to get back on their feet,” said SBA Administrator Isabella Casillas Guzman. “And, thanks to clear directives from Congress, we’re rolling out this program to make sure that these businesses can meet payroll, purchase supplies, and get what they need in place to transition to today’s COVID-restricted marketplace.”
Administrator Guzman emphasized, “We’re also focused on ensuring that the RRF program’s application process is streamlined and free of burdensome, bureaucratic hurdles – while still maintaining robust oversight. Under my leadership, the SBA aims to be as entrepreneurial as the entrepreneurs we serve – and that means meeting every small business where they are, and giving them the support they need to recover, rebuild and thrive.”
Under this announcement, details on application requirements, eligibility, and a program guide are now available in English at www.sba.gov/restaurants or in Spanish at www.sba.gov/restaurantes.
The date for the application launch will be announced soon by the SBA. Over the next two weeks, the SBA will establish a seven-day pilot period for the RRF application portal and conduct extensive outreach and training.The pilot period will be used to address technical issues ahead of the public launch. Participants in this pilot will be randomly selected from existing PPP borrowers in priority groups for RRF and will not receive funds until the application portal is open to the public.
Following the pilot, the application portal will be opened to the public. The official application launch date will be announced at a later date. For the first 21 days that the program is open, the SBA will prioritize reviewing applications from small businesses owned by women, veterans, and socially and economically disadvantaged individuals. Following the 21-day period, all eligible applicants are encouraged to submit applications.
The groundwork for this announcement is the result of a comprehensive effort to reach out to diverse stakeholders in order to understand the needs and barriers restaurants face in accessing emergency relief aid.
“Local restaurants, bars, food trucks, and microbreweries are being served very good news today,” said Ramiro Cavazos, President & CEO, USHCC. “We are grateful to the SBA for their hard work to make this process as accessible as possible in a short period of time. It is clear the SBA cares deeply about ensuring businesses struggling the most can quickly and effectively use this relief program, and we look forward to continued conversations and collaboration to ensure this fund works as intended, especially in regards to Hispanic and minority-owned businesses.”
Community business leaders from underserved communities also welcomed RRF assistance as much-needed economic relief and are working with their broad membership bases to navigate the grant application process.
“We are pleased to work with the SBA to promote the Restaurant Revitalization Fund landing page and its available resources, and assist the restaurants hit hardest by COVID-19 secure much needed additional relief to help them survive the pandemic and prepare for the restart of the economy,” said Alice Rodriguez, Chair, USHCC Board of Directors.
In addition to restaurant groups and leading advocacy groups for underserved business communities, the SBA has engaged national and state trade associations, and other small business stakeholders in recent weeks to understand their concerns about relief programs.
“Latinos are the backbone of the restaurant industry, not only as workers, but increasingly as business owners,” said Jennifer Rodríguez, President & CEO, the Greater Philadelphia Hispanic Chamber of Commerce. “The RRF is a welcome resource for entrepreneurs who are looking to re-establish their operations as we emerge from the pandemic.”
At all levels, the SBA will continue engaging with stakeholder communities to inform and design delivery of financial assistance programs. As the SBA builds and prepares to roll out the program, this dedicated SBA website is the best source for up-to-date information for eligible restaurants interested in the RRF.
