The Restaurant Revitalization Fund was a massive hit, earning nearly 200,000 applicants in the first two days. But nearly two months after sending out the first checks, the SBA has been rescinding some RRF grants without a clear explanation.
Hosts Philip Camino and Nyesha Arrington break down the latest RRF updates and RRF information. They discuss what issues the RRF has had thus far, the beginning funding mistakes that led to these issues, and what it could mean for those restaurants who had awards rescinded.
Listen to Philip and Nyesha give a RRF update:
- RRF money ran out quickly, getting applications for $65 billion despite just $28.6 billion being earmarked
- In Tennessee and Texas, 3 restaurants sued the SBA for distributing the funds in a discriminatory way
- Though some applicants have already received their funds, the SBA has sent over 3,000 letters to rescind its awards, including to women and military-owned restaurants and disadvantaged individuals
- Owners whose grants were taken away will see “fully canceled” on their application status
- However, those applications will be kept in place and on the date they're filed so that businesses with rescinded grants won’t have to file a new application and will be further up the line if the SBA receives more funds
- In the 3rd round of rescinded grants, the SBA sent out a letter that sometimes incorrectly said businesses had applied for the SVOG (Shuttered Venue Program) or defaulted on an SBA loan, making them ineligible for the RRF
- Despite all the issues, the SBA has remained mostly silent, creating further frustration
Links:
National Restaurant News - SBA remains silent on RRF confusion
Restaurant Business - More restaurants have their RRF awards rescinded
Restaurant Dive - SBA rescinds more RRF grants
Happy Mouth podcast - RRF gets 186k applicants in first 2 days
Happy Mouth podcast - Revisiting the Restaurant Revitalization Fund
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