SBA Begins Cash Disbursements for Restaurant Revitalization Fund
The fund provides emergency aid to restaurants, bars and other businesses experiencing financial hardships due to the coronavirus pandemic.
WASHINGTON, D.C. — Installing security contractors that provide alarm, video surveillance and other related systems and services to the restaurant and food & beverage industry take note: the U.S. Small Business Administration (SBA) has begun disbursing economic relief from the Restaurant Revitalization Fund (RFF) to more than 16,000 approved applicants.
The first round of funding — established by the American Rescue Plan and signed into law by President Joe Biden — represents more than $2 billion of relief awarded since last Monday’s program launch. Restaurants and other food and beverage businesses across the nation will begin to see funds in bank accounts as early as Tuesday, according to the SBA.
“Just one week after launching the $28.6 billion Restaurant Revitalization Fund, the SBA has begun to fund applications and that more than 16,000 restaurants and other food and beverage business owners will get much-needed relief in their hands,” states SBA Administrator Isabella Casillas Guzman. “We know that this help is urgently needed by so many who have suffered disproportionately from this pandemic and have often been unable to access relief. Restaurants are the core of our neighborhoods and propel economic activity on Main Streets across the nation. The SBA is here to help them build resilience to survive this pandemic as we get our economy back on track.”
Funding Equal to Revenue Losses
Under the RRF, restaurants are eligible for funding equal to their COVID-19 pandemic-related revenue losses, capped at $10 million per business and $5 million per location. The SBA said it will continue to fund approved applications until all funds have been exhausted.
SBA has prioritized a customer-centric approach to the delivery of economic aid, eliminating cumbersome application requirements, streamlining the application process, and by partnering with point-of-sale (POS) vendors to provide seamless ways to apply to the RRF, according to an announcement.
Following the 21-day priority period, all eligible applications will be funded in the order in which they have been received. While the SBA will continue accepting applications from any eligible establishment until funds are exhausted, the number of applications received so far could exhaust the funds authorized to fund the RRF.
For additional RRF details, go here.
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