By K.D. Norris
Much news was made of the $1.9 trillion American Rescue Plan’s federal-government economic stimulus effort resulting from COVID-19’s negative economic impact, which was recently signed into law by President Joe Biden. But a possibly little-known portion is the current roll-out of the $28.6 billion Restaurant Revitalization Fund administrated by the U.S. Small Business Administration (SBA).
In brief, the Restaurant Revitalization Fund (RRF) will provide small, independent restaurants — and similar small businesses including breweries and bars — with funding “equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023,” according to an announcement from the SBA.
As part of the SBA announcement, local business leaders and business groups were urged to disseminate RRF information to their business communities, and the Wyoming-Kentwood Chamber of Commerce was more than happy to do so.
“The new SBA program for restaurants is long overdue,” Bob O’Callaghan, president/CEO of the local chamber, said to WKTV this week. “As we all know, the restaurant industry is one of the hardest hit by COVID-19. I am glad to be able to get this information to our chamber members.”
The RRF plan also is designed to provide assistance to communities and businesses “underserved” by previous stimulus efforts, including Black-owned businesses.
“In addition to historically having less operating liquidity and revenue than almost any other small business demographic, Black-owned restaurants received significantly less stimulus funding during the COVID-19 pandemic, heightening challenges and leading to disproportionate closures,” Ron Busby, Sr., president and CEO of the U.S. Black Chambers, Inc., said in supplied material. “The USBC believes this initiative and collaboration with the SBA will bring needed resources and relief to these often underserved businesses to aid in stabilization, recovery and ultimately, strengthen our economy.”
Have a beer while application process is rolled-out
While details on application requirements, eligibility, and a program guide are now available in English at www.sba.gov/restaurants or in Spanish at www.sba.gov/restaurantes, program application will be rolled-out in a staggered eligibility process to allow for ease of application and an initial focus on certain businesses.
After the SBA conducts a “pilot period” for the RRF application portal, the application portal will be opened to the public. And, according to the SBA announcement, for the first 21 days that the program is open, the SBA will “prioritize reviewing applications from small businesses owned by women, veterans, and socially and economically disadvantaged individuals.”
Following the 21-day period, all eligible applicants can submit applications.
And local breweries will be among those able to take advantage of the program.
“Small and independent craft breweries are vibrant community gathering places that can be found in nearly every congressional district in the U.S. and contribute to manufacturing, hospitality, retail, tourism, and agricultural industries,” Bob Pease, president and CEO of the national Brewers Association, said in supplied material. “We are pleased to work with the SBA to promote the Restaurant Revitalization Fund … and assist the breweries hit hardest by COVID-19 secure much needed additional relief to help them survive the pandemic and prepare for the restart of the economy.”
