The Small Business Administration has set a target for next month to begin taking applications for the $28.6 billion Restaurant Revitalization Fund grants, Patrick Kelley, associate administrator for the SBA’s Office of Capital Access confirmed in a Small Business Committee senate hearing. In addition to the SBA senate hearing today, Senator Chuck Schumer held a Zoom meeting with State Restaurant Associations.
Key Takeaways From Today’s Meetings –
-
Kelley said that the SBA will likely start posting relevant qualifications, instructions and other information for restaurant operators over the next 7-10 days and give guidance on supporting documents needed to apply.
-
Schumer indicated that the SBA will open applications in April. Schumer also said that if the $28.6 billion is used up, that he would introduce another bill for additional funding.
-
Applications would be open to prioritized groups, including women, veterans and oppressed groups, who would receive prioritization for the first wave of grants, before being opened up to a wider rollout.
-
The whole process, he said, will take place over the next 30-45 days, and that the government agency is “focused like a laser” on getting the applications up and running.
-
Part of the reason the process is taking so long is that the SBA has to build a technology platform from scratch that’s capable of dealing with the crush of applications and likely automating the process so it’s as efficient as possible. Once it’s up and running, the grants will function like direct payments to the applicants. The SBA is also in talks with third-party POS vendors to discuss accessing relevant sales data needed for application processing.
-
See an article detailing the Restaurant Revitalization Fund.
-
The U.S. Small Business Administration (SBA) confirmed today that applicants for the Restaurant Revitalization Fund program WILL NOT need to register for a DUNS number or on SAM.gov.
-
This is a change from early March, when it was expected that applications would require this process as they currently do under the Shuttered Venues Operators (SVO) grant program.
-
The shift by SBA recognized the significant demand for the program – up to hundreds of thousands of applicants are expected – and the voice of State Restaurant Association’s, in addition to the partnership with the National Restaurant Association who have asked the SBA to streamline & simplify the application process to avoid administrative complexity.
STATE COVID IMPACT SURVEY
In our partnership with the National Restaurant Association, we are launching the latest COVID-19 impact survey today. Please consider taking a few moments to fill out the survey, this data will be key in our local, state and federal outreach efforts.