The Small Business Administration (SBA) reported more than 266,000 applications have been received for the Restaurant Revitalization Fund (RRF). More than $65 billion has been requested for funding, however, only $29 billion was allocated. Nearly half of the applications have come directly from women, veterans, and minority business owners. This has left hundreds of thousands of restaurant owners who have and have not applied out of the funding (at least for now).
The Issues At Hand
For its first 21 days of operation, the RRF program was open only to businesses controlled by women, veterans, and minorities. To date, $2.7 billion of relief funds have been allocated to 21,000 restaurants, however, a major problem is the little comfort to the thousands of businesses that did not receive an opportunity to apply for the RRF program. At this point it unclear if Congress will authorize additional funding.
In the SBA’s latest press release, they stated they still have potential to set-aside funding available for eligible establishments with 2019 annual revenue of not more than $50,000 and will keep the application portal open until Monday, May 24, 8 p.m. ET. People are encouraged to apply through SBA-recognized point-of-sale vendors or directly via the SBA online application portal.
What’s Next?
Current litigation is pending due to the RRF stipulations. At this point, it is unclear if further lawsuits will ensue. The team at Southern Payroll & Benefits will be keeping a close eye on the RRF status and any future opportunities to help business owners apply. If you have any questions or concerns about the RRF, please do not hesitate to reach out to us for assistance.
Businesses in Chattanooga, TN, trust Southern Payroll & Benefits with a variety of outsourced HR services, from payroll, to insurance benefits, and tax processing. We partner with you to insure your comfort and to advise on best-practices and compliance requirements. Southern Payroll offers one-month free payroll to all clients, along with no annual contracts, to make sure that we exceed expectations daily. We are also extremely proud of our 2% initiative, in which 2% of all payroll proceeds will be donated to the 501(c)3 approved charity of each client’s choosing. For more information about how we can help your business, schedule a meeting or call (423) 207-2497 today.