Oh, how we hardly knew ye Restaurant Revitalization Fund.
After serving just 105,000 restaurant operators over less than a single month, the RRF is officially being shut down by the SBA. Despite having a total of $26.8 billion in funding, the RRF flew through its allotted amount of money quickly. With lawsuits alleging discrimination and the rescinding of thousands of grants, some are viewing the RRF as a complete failure.
On this episode of the Happy Mouth podcast, restaurateur Philip Camino and chef Nyesha Arrington take a look back at the RRF and its pending shutdown. Nyesha and Philip also discuss if the RRF was a failure and what should have been done differently.
Listen to Philip and Nyesha discuss the RRF ending:
- The RRF opened for applications on May 3, 2021, receiving more than 186,000 applicants in the first two days
- The RRF had been funded with $28.6 billion, with $5 billion earmarked for small businesses -- Which ran out in just 21 days
- Women, veterans, and those who are socially and economically disadvantaged received priority
- That priority treatment spurred several lawsuits against the Small Business Association (SBA), including one that was successful
- The SBA has rescinded almost 3,000 awards from those prioritized individuals
- A bill was introduced in the Senate to refill the fund with a proposed $60 billion, though it’s struggling to find bipartisan support
- The SBA has announced they’ll disable the RRF portal on July 14, meaning they’ll no longer accept applications
- The SBA awarded money to 105,000 restaurant operators before funds ran out, though 265,000 applications didn’t receive any money
Links:
Restaurant Business - SBA pulls the plug on the Restaurant Revitalization Fund
Restaurant Business - SBA stops Restaurant Revitalization Fund payments after courts rule they’re discriminatory
Independent Restaurant Coalition - Contact Congress
Deeper Dive podcast - Is there any hope for the Restaurant Revitalization Fund?
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