May 31, 2021
This week, Rep. Tom Reed joined with over 100 members of Congress in a bipartisan letter to push for more funding for the Restaurant Revitalization Fund. The program aims to help restaurants and other impacted businesses keep their doors open throughout the pandemic.
“We care about making sure our small businesses, including restaurants, are given every chance to succeed,” said Rep. Tom Reed. “While we did not support the American Rescue Plan Act, this program is critical to our small businesses and restaurants across the district. Providing more funding to this program will deliver significant benefits to our local businesses and help keep them open as they deal with the impact of COVID-19.”
“We commend the prior work of the House to make the RRF program a reality with an allocation of $28.6 billion. However, this program is in extremely high demand and at current funding levels the SBA will not be able to assist a large portion of the applicants,” wrote the Members in the letter. “We urge you to work together with House Small Business Committee leadership and the SBA to bring a bill to the floor that would allocate funds so every eligible applicant can receive assistance.”
This program was established by the American Rescue Plan Act and will provide funds equal to the revenue restaurants lost throughout the pandemic up to $10 million, but no more than $5 million per physical location. Funds will not need to be paid back by the businesses if the funds are used in the correct manner by March 11, 2023. For more information on this program, or to apply, visit: SBA.gov/restaurants or call our office at (315) 759-5229 for assistance.