SBA Announces Official Guidelines for Restaurant Revitalization Fund
STATEN ISLAND, NY – After more than a year of restaurateurs hit hard by the pandemic, the United States Small Business Administration (SBA) has announced the official nomination and guidelines for the Restaurant Revitalization Fund (RRF).
The $ 28.6 billion RRF was established by the US bailout, which was signed by President Joe Biden. It was designed to administer funds to the hardest hit small restaurants.
SBA can provide funding up to $ 5 million per location; the minimum reward is $ 1,000.
“Today we begin the process to help restaurants and bars across the country devastated by the pandemic, and this is our message: the help is here. With the launch of the Restaurant Revitalization Fund, we are prioritizing funding the hardest hit small businesses – irreplaceable gathering places in our neighborhoods and communities that need a lifeline now to get back on their feet. SBA administrator Isabella Guzman said. “And, with clear guidance from Congress, we are rolling out this program to ensure these businesses can meet payroll, purchase supplies, and put in place what they need to move into the current COVID-restricted market.”
The official application launch date has not yet been determined by the SBA, but interested applicants can prepare their application in advance.
During the first 21 days after the app becomes available, the SBA will prioritize reviewing applications from small businesses owned by veterans, women, and the socially and economically disadvantaged.
This application process hopes to help community business leaders in underserved communities.
“In addition to historically having less operating cash and revenue than almost any other small business demographic, black-owned restaurants have received significantly less stimulus funding during the COVID-19 pandemic, increasing challenges and resulting in disproportionate shutdowns, ”said Ron Busby, Sr., President and CEO, US Black Chambers, Inc.“ USBC believes this initiative and collaboration with the SBA will provide the necessary resources and relief. to these often underserved businesses to help stabilize, recover and ultimately strengthen our economy.
After the 21 day period, all requests will be reviewed and reviewed by the ASB.