Restaurant Revitalization Fund is Crucial to the Relief Small Businesses Needed to Survive
[ Article was originally posted on https://smallbusinessmajority.org ]
“We are disappointed in today’s decision by the U.S. Senate not to advance the debate on the ‘Small Business COVID Relief Act of 2022’ to provide additional funding to the U.S. Small Business Administration’s Restaurant Revitalization Fund (RRF).
Considering recent national research showing that nearly 1 in 4 of small businesses may not survive past the next six months without additional funding or market changes, now more than ever, small businesses are in desperate need of the direct dollars in small business grant programs such as the RRF.
Evidence has shown that COVID-19 relief programs have been successful at helping smaller firms keep their doors open. The RRF provided necessary grants to help restaurants and other eligible businesses stay afloat when many restaurant owners faced significant hurdles in accessing capital from traditional banking institutions. Given the challenging recovery rate for many small businesses, getting emergency economic relief into the hands of those still struggling to rebuild is necessary to keep our nation on the road to recovery.
By blocking this bill to provide $48 billion in aid to restaurants and other eligible small businesses desperately trying to recover from the pandemic, we are in danger of seeing thousands of small restaurants and businesses close. This is on top of the thousands of businesses that shuttered at the height of the pandemic. This bill was, for many, their last hope. We encourage senators to come back to the table, quickly vote on replenishing the RRF, and help the more than 180,000 RRF applications that remain unfunded.”
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