As we expected, the applications received by the Small Business Administration (SBA) for the Restaurant Revitalization Fund (RRF) have exceeded the $28.6 billion funding available. The RRF portal received more than 372,000 applications seeking $76 billion before the SBA closed the application portal this week.
It’s clear that there will be significant demand that cannot be met by the SBA with the current funding it has been provided by Congress. US Senate Majority Leader Chuck Schumer, who led the effort to create the program, has publicly committed to providing additional funds for the RRF but, with Congress leaving Washington for a district work period it’s unclear when additional funds would be authorized.
Many Members of Congress have already spoken out on this issue and have made clear that adding funding for the RRF program is a priority. That’s encouraging, but no guarantee. We’ll keep you posted on our efforts to add funding to the RRF so all businesses get the relief they need!