Missed your chance to get a grant from the Restaurant Revitalization Fund? Don’t be so sure
Restaurants applying for assistance from the $ 28.6 billion Restaurant Revitalization Fund may not be unlucky if the money runs out before their application is considered, a federal official revealed on Wednesday.
Testifying before a Senate committee, Isabel Guzman, head of the Small Business Administration (SBA), assured lawmakers that unsure applications would automatically be queued for consideration for a grant if Congress relaunched the bottom.
“If we were to receive more funding, we would be able to leverage these applicants so that we can quickly transfer those funds to those who applied,” Guzman said in response to a pointed question from Senator Maria Cantwell, D- Wash. The SBA is the government agency administering the fund.
The need to replenish the Restoration Assistance Fund was repeatedly addressed during the Small Business and Entrepreneurship Committee hearings, as well as positive assessments of the feasibility.
“We need to work on this,” said committee chair Senator Ben Cardin, D-Md. “We know we need additional funds for this program.
He expressed his optimism that a bipartisan agreement could be reached to allocate additional funds. Cardin noted that the Restaurant Revitalization Fund, or RRF, was itself a bipartisan creation.
Guzman left no doubt that the RRF will quickly run out. His agency responded to requests for $ 76 billion in grants before the application process was completed on May 24, because demand so far exceeded the amount of money still available.
Cardin recalled that the first drafts of the legislative provisions creating the FRR had requested funding of $ 100 billion. “You’re not far from that initial estimate,” he said aside to Guzman.
The National Restaurant Association and other industry advocates are already working with lawmakers on a redistribution. “Despite the clear need to act, the passage to Congress is by no means assured,” said Sean Kennedy, executive vice president for public affairs for the association, in a briefing to members.
Cardin said he alerted Senate leadership to the importance of the reallocation and indicated Majority Leader Chuck Schumer, DN.Y., is already looking for a legislative vehicle in which to include the reallocation.
Senator Ed Markey, D-Mass., Suggested that President Biden’s American Jobs Act could be that vehicle. This comprehensive measure calls for spending billions to update the country’s infrastructure. This is Biden’s next big legislative move.
Republicans have said they will not support Biden’s proposal because they feel it is filled with spending and political initiatives that have nothing to do with improving roads, updating train lines or the modernization of national infrastructure.