Summarized from the National Restaurant Association
The Restaurant Revitalization Fund (RRF) has been an incredibly effective recovery tool for the restaurant industry, but for too many owners, the $28.6 billion in funding won’t last long enough for them receive a dollar in disaster funding. The Small Business Administration (SBA) estimates it needs at least an additional $50 billion just to fund the applications submitted before the application portal was closed.
Last week, legislators introduced the RRF Replenishment Act. This new legislation will direct $60 billion in funding to the SBA, allowing it to complete the mission and provide sorely needed recovery dollars for the restaurant industry.
The work of these sponsors, Sen. Kyrsten Sinema (D-AZ), Sen. Roger Wicker (R-MS), Rep. Earl Blumenauer (D-OR), and Rep, Brian Fitzpatrick (R-PA) has been critical. But they need our help. This bill will not be brought to the floor for debate unless there is broad bipartisan support. Congress heard our voice when they created the RRF – they need to hear from us again to ensure it receives more funding. Many here in Washington D.C. think the return to indoor dining means that restaurants will be fully back to normal within a few months. The truth is that this industry is incredibly vulnerable and faces a long path to recovery. We need this bill.
“When the RRF portal closed in May, small business restaurant owners all wanted to know ‘what’s next’ for their pending applications,” said Sean Kennedy, executive vice president of public affairs for the National Restaurant Association. “The introduction of this additional $60 billion in funding not only answers that question but proves once again that Congress understands and supports the foodservice industry.
“For much of the country, life is starting to feel close to normal,” he continued. “While restaurants are optimistic about this trend, we’re still in the early days of rebuilding and are far from recovery. Industry revenue continues to be below expectations and in many states we’re still operating under limitations. To make sure we don’t lose our rebuilding momentum, we will continue to focus on creating access to the tools the industry needs to address outstanding obligations and to manage the new challenges that could slow our recovery.”
To show your support for the RRF Replenishment Act, please click here.