While Congress created the Restaurant Revitalization Fund to provide relief to restaurants, a business sector extremely hard-hit by government-imposed shutdowns and other restrictions related to the COVID-19 pandemic, everyone knew the demand for the funds would be far greater than the supply. According to the SBA, more than 278,000 applications were received by June 30th, seeking more than $72.2 billion in funding. The SBA closed the program and stopped accepting applications on July 2nd, but less than 10 days after the SBA launched the RRF Portal on May 3rd, the applications submitted equated to more than twice the amount of funds available. During this week’s episode of The Tip Share, RASI Director of Compliance, Brian Smith, sits down with RASI New Business Development Strategist, Dave Downs to discuss the latest updates within the RRF and the need-to-know details for those who received funding.
Watch the full Video: https://www.youtube.com/watch?v=IGu4jPesJEs
Read the full Blog Post: https://rasiusa.com/blog/restaurant-revitalization-fund-updates
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