The Small Business Administration (SBA) this Monday shut down the process to receive new applications for the RRF. The SBA testified on Wednesday and gave some remarkable data on the state of the program and its popularity.
Clearly, the $50 billion shortfall in available funds means that many of the priority applications will not receive grants, and likely most of the non-priority ones.
We are working with the NRA and sponsors of the RESTAURANTS Act on legislation that would provide an infusion of new dollars into the RRF program. This would allow continued relief grants to be distributed to an industry that remains incredibly vulnerable as we reopen our doors.
The framework of the plan will be unveiled shortly after the Memorial Day weekend. We will generate grassroots support in asking Republicans and Democrats in Congress to cosponsor this needed plan. It will be an uphill climb to get both the attention of Congress and agreement that our industry deserves additional funding.
This week the NRA and the American Institute of Certified Public Accountants released a “RRF Expense Tracker” to help grantees more easily document their use of funds in specific categories. The budget tool is essential for restaurants to monitor RRF eligible expenses.