Applicants for the Small Business Administration’s Restaurant Revitalization Fund grant money should quickly get their ducks in a row.
The program closed to new applicants this past Monday, and the SBA is currently asking applicants for revision. Applicants nationwide, from hot dog stands to fine dining establishments, are competing for $28.6 billion in funding. It now appears that many have employed the wrong calculation in submitting their applications, and those applications are being returned for revision. Given that funding is happening on a first-come, first-served basis, failing to timely complete revision may result in a loss of funding.
Second revisions, importantly, need to be done correctly to ensure maximum opportunity for much-needed funding, which could make the difference between locking the doors and keeping them open.
The SBA process prioritized veteran, minority, and women-owned businesses for roughly the first three weeks of May, after which eligibility was to be expanded. Before that three-week period has expired, however, the SBA has received more than 300,000 applications, totaling nearly $70 billion.
With applications for more than twice the available money, many restaurant owners may be left unfunded. Following the steps of the PPP program, eligible restaurant owners are already calling for a second round of financing.
Effectively, the funding shortfall may mean that business owners who don’t fall into a priority category have been excluded from the process. Republican lawmakers are lobbying the small business administration in an effort to ensure that these non-priority applicants can have a meaningful chance at funding. Unfortunately for many restaurant owners, RRF funding could mean the difference between being able to stabilize their enterprise and being one of the many restaurants that had to shutter their doors permanently.
Pittsburgh Corporate Attorneys
For those businesses the SBA determines either have incomplete applications or have miscalculated their benefit, the prompt revision will be fundamental to securing available funding.
The Lynch Law Group is actively helping restaurant owners revise applications they completed themselves to comply with the SBA calculation models applicable to them. Restaurant owners seeking assistance can reach out to The Lynch Law Group at (724) 776-8000 for help with prompt revisions.