SBA Revokes Additional Restaurant Revitalization Funds

25 Jun 2021

The Small Business Administration has rescinded grants from additional Restaurant Revitalization Fund applicants, according to the National Restaurant Association, reports Restaurant Dive. The association confirmed that the SBA sent letters to applicants about rescinding the funds, but it does not know how many companies received the letters.

“News that the SBA is yet again rescinding pledged grants is a blow to the small business owners who were already planning how the funds could help stabilize their businesses,” Sean Kennedy, executive vice president for public affairs at the NRA, said in an emailed statement. “These operators owe rent, they have outstanding invoices, and their payroll is growing. Hundreds of thousands of restaurants are still vulnerable, which is why we continue to work with both houses of Congress to move the Restaurant Revitalization Fund Replenishment Act, so the SBA will have the funds they need to complete this important mission.”

Last week, the SBA revoked grant approval for almost 3,000 restaurant owners who were prioritized during the fund’s first three weeks, during which only applications from women, veterans, and “socially and economically disadvantaged” operators were approved. Full Story

Related: NRA Pushes for SBA to Fulfill Restaurant Revitalization FundsPlaintiffs Opposing SBA Priority Period Receive Funds.