SBA

Restaurant Revitalization Fund Applications

Administrator Guzman Announces Final Push for Restaurant Revitalization Fund Applications

Qualifying eating establishments should submit applications by the May 24th deadline

 

Administrator Isabella Casillas Guzman announced that eligible eating establishments have until Monday, May 24, 8 p.m. ET, to submit applications to the Restaurant Revitalization Fund.

“If our nation’s food and beverage industry is going to fully recover, we must ensure as many of the hardest-hit businesses get the economic aid they need,” said Administrator Guzman. “We are committed to creating easy to navigate programs and removing barriers that have kept many of our nation’s smallest businesses from accessing these crucial economic lifelines. The SBA will continue to be as entrepreneurial as the small businesses we serve, and we will continue to work as fast as possible to deliver the relief our businesses need so urgently.”

“The numbers speak to the commitment SBA made to educating owners and operators through their work with the Association, our state partners, and other industry support organizations,” said Tom Bené, President & CEO of the National Restaurant Association. “The funds that have already been distributed will help accelerate the recovery of thousands of restaurants and bring much-needed capital to communities across the country.”

The $28.6 billion Restaurant Revitalization Fund signed into law by President Joe Biden established an initial $5 billion set-aside established by Congress for applicants with gross receipts not more than $500,000. To further ensure an equitable distribution of funds, Administrator Guzman created two additional funding allocations to ensure the smallest of the small restaurants and other eating establishments have equitable access: 1) $500 million for applicants with 2019 gross receipts not more than $50,000, and 2) $4 billion for applicants with 2019 gross receipts between $500,000 and $1,500,000. In the first two weeks of the RRF program, and after 600 targeted community outreach events in multiple languages, SBA has received from priority groups:

  • 12,898 applications from businesses with not more than $50,000 in pre-pandemic revenue requesting $290 million in funds
  • 73,671 applications from businesses with not more than $500,000 in annual pre-pandemic revenue requesting $6.1 billion in funds
  • 34,010 applications from businesses with $500,000 – $1,500,000 in annual pre-pandemic revenue requesting $8.4 billion in funds

Designed to ensure the smallest of small eating establishments get the relief needed, set-asides continue a commitment to an equitable distribution of funds to hard-hit communities. Because SBA still has potential set-aside funding available for eligible establishments with 2019 annual revenue of not more than $50,000, it will keep the application portal open until Monday, May 24, 8 p.m. ET. While all qualified restaurants may submit applications, more than $220 million of a $500 million set-aside remains in the Restaurant Revitalization Fund (RRF). Eligible establishments that meet this revenue standard are encouraged to apply through SBA-recognized point-of-sale vendors or directly via the SBA online application portal.

To date, the RRF program has received more than 303,000 applications representing over $69 billion in requested funds, and nearly 38,000 applicants have been approved for more than $6 billion. Of the overall submitted applications, 57 percent came from women, veterans, and socially and economically disadvantaged business owners. During the first two weeks of the program, SBA has received applications from:

  • More than 122,000 women business owners
  • More than 14,000 veteran business owners
  • More than 71,000 economically and socially disadvantaged individuals

For those interested in applying to the Restaurant Revitalization Fund, visit sba.gov/restaurants.

Press Release on Covid-19

Gov. Reynolds signs new proclamation continuing State Public Health Emergency Declaration

On Thursday, March 26, Gov. Reynolds signed a new proclamation continuing the State Public Health Emergency Declaration, suspending elective and nonessential medical and dental procedures, extending and expanding retail business closures, ordering health care facilities and nursing homes to engage in advanced health care screenings, and removing additional legal barriers to ensure a continued strong response to this disaster. The state of public health disaster emergency shall expire on April 16, 2020, at 11:59 p.m., unless sooner terminated or extended by the governor. For more information, please click here for the full proclamation.

 

Governor Announces Much Needed Small Business Relief

This week, Governor Reynolds announced the launch of a new Iowa Small Business Relief Program that will provide financial assistance to small businesses that have been economically impacted by the COVID-19 pandemic. The program offers eligible small businesses grants ranging from $5,000-$25,000 in addition to offering Iowa businesses a deferral of sales and use or withholding taxes due and waiver of penalty and interest.

In addition, a fund has been created to support Targeted Small Businesses (TSB) with zero employees that have been economically impacted by the COVID-19 pandemic. The program offers eligible small businesses grants ranging from $5,000-$10,000 to businesses that are sole proprietors or single-member LLCs that are also TSB certified, or have an application submitted to the Iowa Economic Development Authority (IEDA) by April 10, 2020 to become TSB certified.

For both of these programs, plus information from the Small Business Administration Disaster Assistance Loan, log on to www.ioweconomicdevelopment.com.

 

Additional Resources:

US Dept of Labor News Release 

What is an Essential Business?

Supply Chain Disruption Planning

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