There are new key details available for the $28.6 billion Restaurant Revitalization Fund (RRF) established through the American Rescue Plan to revive the hard-hit restaurant industry.
The Small Business Administration (SBA) will administer funds to help bring back jobs for the industry that was one of the most affected during the COVID-19 pandemic.
The SBA will establish a seven-day pilot period ahead of the application launch to conduct extensive outreach and training. Participants will be selected from existing PPP borrowers and will not receive funds until the application portal is open to the public.
After the pilot, the application portal will be available to the public. However, an official launch date has not been announced yet.
SBA Administrator Isabella Casillas Guzman shared her message to restaurant and bar owners across the country, "Help is here."
"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,” Administrator Guzman said.
The SBA has engaged restaurant groups, leading advocacy groups for underserved business communities, national trade associations and other small business stakeholders to understand their concerns about relief programs and continues to engage with stakeholder communities to offer information as the program continues to be built.