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Congressional Federal Relief Packages

The following is a list of resources and vital information related to the Federal Government Coronavirus Response Efforts. This list of resource links will continue to be updated with new information as it becomes available.
 

Restaurant Revitalization Fund

SBA sent communications to 2,965 restaurants across the country, who applied in the 21-day priority group, informing them that their Restaurant Revitalization Fund (RRF) awards will not be distributed. As you likely know, the SBA shared on Friday evening that due to a recent court case, they were forced to suspend payments to RRF grant recipients who qualified under the “priority” designation of the RESTAURANTS Act. 

We know that many of the operators affected negatively by this devastating news are part of our local community in the DC Metropolitan area, given our concentration of small, independently owned businesses also owned by women, minorities, and veterans. For those operators affected, this is a major setback and is heartbreaking news after they had been notified that their applications were approved and would soon be funded. 

SBA RRF Distribution Status: 

As of now, SBA has funded 72,000 applications for priority group applicants, and 100,000 total applications, distributing $18 billion so far to restaurants and foodservice businesses nationwide. With what is remaining in the RRF, they are now required to fund non-priority group applications. SBA officials said they will continue to fight to maintain the program. 

What Happens Next For Those in the 21-Day Priority Group: 

Those in the priority group who are not receiving funding as expected will remain in the application queue. If this is true for you, you do not need to reapply or submit any additional information at this time. 

If and when a bipartisan deal is reached to replenish RRF, the SBA said they will pick up where they are leaving off to fund these priority applications, as well as all of the $43 billion in application requests that currently will go unfunded, unless Congress acts to replenish the shortcoming. Just last week, bipartisan legislation was introduced that would replenish the RRF with $60 billion in sorely needed funding. RAMW, the National Restaurant Association, and many organizations and operators nationwide are advocating for Congress to move this legislation forward. If you have not yet signed the petition to make your voice heard on RRF, please do so now by clicking here. 

While not a consolation, the SBA encourages those awaiting RRF to consider applying for an EIDL to help cover costs until RRF may begin distributing funds again. While EIDL is a loan, not a grant which of course is more appealing, the EIDL is an available and quick funding option with up to a $500,000 maximum loan amount fixed at 3.75%. It is not forgivable (like PPP) but it has a 24-month deferral period, and businesses are allowed to receive both an EIDL and an RRF award. The SBA representatives leading RRF noted that they will make themselves available to help any restaurants who would like assistance understanding and applying for the EIDL at this time. They are also working on efforts to make RRF proceeds eligible for covering any debt, including SBA debt from an EIDL. Click here to learn more about EIDL. Additionally, Matt Hetrick and his team at CPA Eats (RAMW Industry Partners) have supported many local businesses through the EIDL application process and are a helpful resource if you have questions. Contact Matt at matt.h@harmonycpa.com

For ALL, especially those lucky to not be affected by this setback, here is how you can help: 

We urge you to stay motivated and contact your representatives in Washington to finish the mission and fully fund the RRF.  Even if you received funding already, your industry colleagues who were left out (either because of this setback or because the fund needs replenishment in general to fulfill all of our industry’s needs) need your help. Click here to make your voice heard on replenishing RRF now. 

CLICK HERE to view the SBA RRF landing page. 

CLICK HERE to download a PDF of the official program guide. 

SMALL BUSINESS ADMINISTRATION

Small Business Administration loans are available for DC, Maryland and Virginia small businesses. The SBA will provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic  support to small businesses to help overcome the temporary loss of revenue they are experiencing. All restaurants are encouraged to apply today.

CONTACT RAMW

If you have questions regarding any of the above topics or anything else, please email coronavirus@ramw.org, as this will help ensure you receive a timely response on your pressing issue. To reach out to a specific team member, please click here for our staff directory.