Welcome to the CLA Restaurant Blog ! Info on Restaurant Revitalization Fund (RRF)
Today we begin a blog for the restaurant industry here from CLA! This blog will cover industry news, trends and items of a financial nature and how it could impact your restaurant in the coming months. So sign up and join us! Karen Blacik
The SBA announced last week that they would be closing the RRF portal on July 14th. So what does this mean? Any company that has applied and not yet received funds should do 3 things today:
1) Login to the portal where they submitted their application and see what the status is of their grant. If there are any messages from the SBA that require attention, use the message feature and upload documents feature of the portal to provide the requested information,
2) Contact your representatives in Congress to let them know how important it is for the SBA to get adequate funding to cover the over 265,000 grants that have not yet been funded,
3) Wait patiently – there is currently not an estimate of when or if the funding will come in, but the SBA is holding onto all of the approved applications so it can disburse the funds as soon as it receives them and it will fund them on a first-come, first-served basis.
Interesting stats on the RRF: 370,000 applications and only 105,000 funded so far. $27 Bil used to fund priority restaurant applicants and $1 Bil used to fund all others until they ran out of the $28.6 Bil that was allocated. The estimate is they need at least $75 Bil to fund all remaining approved applications. Source: SBA
Karen is a Principal in the CLA Bizops practice specializing in serving restaurant clients as a CFO. She has 25 years of experience in the retail and restaurant industry with senior management positions at Wilsons Leather, Famous Dave's, and a division of Hallmark Cards. She is based out of Minneapolis, MN
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