SBA administrator announces closure of Restaurant Revitalization Fund program

Metro Creative Connection

Tue Jul 6, 2021 11:15 AM

Over 100,000 restaurants received $ 28.6 billion; the average price was $ 283,000

Last Friday, U.S. Small Business Administration Administrator Isabel Guzman announced the closure of the Restaurant Revitalization Fund (FRR) program, promulgated by President Joe Biden as part of the US bailout. The program provided assistance to restaurants and other establishments struggling to make ends meet due to the coronavirus pandemic.

“The $ 28.6 Billion Restaurant Revitalization Fund has provided desperately needed help to more than 100,000 restaurants and other food and beverage businesses across the country, with significant funding going to our hardest-hit businesses. affected and underserved, ”Guzman said. “Restaurants are at the center of our neighborhoods and propel economic activity onto main streets. As among the first to close in this pandemic and possibly the last to reopen, many are still struggling to survive. The SBA will continue to work hard to ensure they get the resources they need to recover, rebuild, and be resilient. “

As of June 30, the RRF program has received over 278,000 eligible submitted applications representing over $ 72.2 billion in requested funds, and approximately 101,000 applications have been approved for restaurants, bars and other restaurant-type businesses. Underserved populations received approximately $ 18 billion in grants, including:

√ Women-owned businesses ~ $ 7.5 billion

√ Veteran-owned businesses ~ $ 1 billion

√ Socially and economically disadvantaged businesses ~ $ 6.7 billion

√ Companies owned by representatives of several underserved populations ~ $ 2.8 billion

The remainder of the $ 28.6 billion was awarded to eligible applicants not identified as part of an underserved group.

The average size of the scholarships awarded to applicants was $ 283,000:

√ 2.2% of dollars approved for $ 50,000 or less

√ 4.9% of dollars approved for $ 50,000 to $ 100,000

√ 5.6% of dollars approved for $ 100,000 to $ 150,000

√ 21.2% of dollars approved for $ 150,000 to $ 350,000

√ 27.2% of dollars approved for $ 350,000 to $ 1 million

√ 16.4% of dollars approved for $ 1 to $ 2 million

√ 18.0% of dollars approved for $ 2-5 million

√ 4.6% of dollars approved for $ 5-10 million

As Congress pointed out, restaurants and bars were eligible for economic assistance equal to their lost revenue from the pandemic, with a cap of $ 10 million per business and $ 5 million per location. The funds were available for certain qualifying uses, such as payroll and rent.

The Restaurant Revitalization Fund application platform will remain open for the next two weeks to allow applicants to check their status, address payment corrections or ask questions. The SBA will deactivate access to the platform on July 14.

A press release said: “With the closure of the RRF, the SBA will continue to provide economic assistance to help small businesses recover with critical relief through programs such as Economic Disaster Lending (EIDL) , EIDL Targeted Advance and Additional Targeted Advance and Community Navigator Program. For more information on the SBA’s economic aid programs, visit COVID-19 relief options (sba.gov)

SBA Announces Extension of $ 100 Million Grant ‘Community Navigator’ Pilot Program

the U.S. Small Business Administration announced the extension of the application date of its new community browser pilot program. The SBA will accept proposal submissions until July 23 and plans to make award decisions by September.

A press release said, “This new initiative, established by the American Rescue Plan Act of 2021, will leverage a community-based browser approach to reach out to the smallest businesses in our country, with a focus on those owned socially and economically disadvantaged people, as well as women and veterans. The Biden-Harris administration has made providing equitable aid to hard-hit small businesses a top priority and will continue to take steps to ensure that aid is distributed equitably. “

SBA Associate Administrator for the Office for Entrepreneurship Development Marc Madrid said: “As SBA Administrator Isabella Casillas Guzman points out, we need to meet small businesses where they are. This program is designed to foster a hyperlocal approach through a nationwide network of community navigators who are on the ground, connecting, empathizing and tailoring solutions for our small businesses during critical recovery. This bold effort underscores our agency’s commitment to advancing fairness and strengthening an ecosystem in which small businesses continue to apply for the diverse range of SBA resources, services and / or programs at different stages of the recovery. , growth, scale and / or maturity of the business.

The press release said: “The Community Navigator program will have a significant impact on revitalizing small businesses through a star ‘navigator’ featuring a primary ‘hub’ – at the center of a network of ‘en star ”who deploy trusted community advocates. working with small businesses during the recovery. These networks leverage the business development expertise of the central organization and the community credibility of satellite organizations to better connect essential resources to small businesses, with a priority focus on those owned by women, elders. combatants and socially and economically disadvantaged people.

Assistant SBA Administrator for the Business Women Property Office Natalie Madeira Cofield said: “Inclusion and access continue to be among the most important priorities in helping small businesses turn around. Our underrepresented businesses, women and Native Americans need our support now to grow and strengthen our economy. Community Navigators is all about connecting and rebuilding the community to ensure the survival and prosperity of more American small businesses. “

Competitive grants will range from $ 1 million to $ 5 million over a two-year performance period. Applicants have until July 23 to submit their application to grants.gov, Funding Opportunity Number CNP-2021-01. Performance periods are scheduled to begin in September. Eligible persons must meet and demonstrate their ability to meet the requirements of this funding opportunity.

For more information on the Community Navigators initiative, visit www.sba.gov/navigators.


Source link

About Hubert Lee

Check Also

Agribank adds 1,300 farmers to its loan portfolio

The Agricultural Bank of Namibia (Agribank) disbursed loans totaling N $ 217 million, benefiting a …

Leave a Reply

Your email address will not be published. Required fields are marked *