Nearly two months after opening up for applications, the U.S. Small Business Administration announced yesterday that the Restaurant Revitalization Fund is now closed. In total, the program received 370,000 applications, funding 105,000 of them and leaving more than $50 billion in applications unfunded.
“For a hundred thousand restaurants, the RRF has made their future clear and stable, but for the more than two hundred thousand operators shutout of funding, receiving this letter today only heightens their fear and anger. Across the country, a growing number of restaurants have uncertain futures. Many are in the ironic position of seeing indoor dining resume but are taking in less revenue amidst rising food prices and inadequate staffing to fully open. These operators have made all of the cuts and changes they can to stay open for the last year and are once again worried they won’t make it another month. We need Congress to act on the RRF Replenishment Act to provide the SBA with the funds they need to complete this important mission.”
-Sean Kennedy, Executive Vice President of Public Affairs, National Restaurant Association