Final call: Administrator Guzman announces the final decision on the restaurant revival fund application

[ad_1]

Washington, May 18, 2021 (Global News)-Administrator Isabella Casillas Guzman announced that eligible eating places must be on the week of May 24, Eastern Time Submit an application to the Restaurant Renaissance Foundation before 8 o’clock in the evening.

Chief Executive Guzman said: “If our country’s food and beverage industry is to fully recover, we must ensure that many of the worst-hit companies can receive the necessary financial assistance.” “We are committed to creating easy-to-navigate programs and eliminating Obstacles that prevent many of the smallest companies in the United States from entering these critical economic lifelines. SBA will continue to be entrepreneurial like the small businesses we serve, and we will continue to work hard to provide urgently needed relief as quickly as possible.”

Tom Bené, President and CEO of the National Hotel Association, said: “These figures demonstrate the SBA’s commitment to educating owners and operators through cooperation with the Association, our state partners and other industry support organizations.” “The funds that have been allocated will help accelerate the restoration of thousands of restaurants and bring much-needed funds to communities across the country.”

The $28.6 billion restaurant promotion fund signed into law by President Joe Biden established an initial $5 billion reserve fund established by Congress for applicants whose total income does not exceed $500,000. In order to further ensure the fair distribution of funds, the Chief Executive Guzman (Guzman) has increased the allocation of two funds to ensure that the smallest small restaurants and other dining establishments can be used fairly: 1) US$500 million for 2019 total revenue Applicants with USD 50,000 and 2) USD 4 billion for applicants whose total income in 2019 is between USD 500,000 and USD 1,500,000. In the first two weeks of the RRF program, after 600 targeted community outreach activities in multiple languages, SBA received invitations from priority groups:

  • 12,898 apps From companies with pre-pandemic revenues not exceeding US$50,000, requesting US$290 million in funding
  • 73,671 apps From companies with annual pre-pandemic revenues not exceeding US$500,000, requesting US$6.1 billion in funding
  • 34,010 applications From a business that had revenues of US$500,000 to US$1.5 million before the pandemic, US$8.4 billion was required

In order to ensure that the smallest small eating places can get the relief they need, resettlement personnel continue to work to distribute funds fairly to the severely affected communities. Since the SBA can still provide potential reserved funds for eligible businesses whose annual revenue in 2019 does not exceed $50,000, it will keep the application portal open until Monday, May 24, US Eastern Time 8pm. Although all qualified restaurants can submit applications, more than US$220 million of the US$500 million reserved fund is left in the Restaurant Renaissance Fund (RRF). Qualified institutions that meet this income standard are encouraged to apply through SBA-approved point-of-sale suppliers or directly through the SBA online application portal.

To date, the RRF program has received more than 303,000 applications, representing more than US$69 billion in requested funding, and nearly 38,000 applicants have received approvals of more than US$6 billion. Of all applications submitted, 57% came from women, veterans, and socially and economically disadvantaged business owners. In the first two weeks of the program, SBA received applications from the following institutions:

  • more than 122,000 Female business owner
  • more than 14,000 Senior business owner
  • more than 71,000 Economically and socially disadvantaged

For those who are interested in applying for the Restaurant Promotion Fund, please visit sba.gov/Restaurant.

###

About the U.S. Small Business Administration

The U.S. Small Business Administration has made America’s dream of realizing corporate ownership a reality. As the only resource and voice for small businesses supported by the federal government, SBA gives entrepreneurs and small business owners the resources and support they need to help them start, develop or expand their business, or recover from an already announced business. disaster. It provides services through SBA’s extensive network of field offices and partnerships with public and private organizations.To learn more, please visit www.sba.gov.

Press Office
United States Small Business Administration
Press_Office@sba.gov

[ad_2]

Source link