The portal for the Restaurant Revitalization Fund officially closed this past week, with more than 362,000 applications seeking $75 billion in funding.
What’s Next for the Restaurant Revitalization Fund?
May 27, 2021 via QSR Magazine
The portal for the Restaurant Revitalization Fund officially closed this past week, with more than 362,000 applications seeking $75 billion in funding. Just playing a numbers game, thousands of operators will end up on the outside looking in. The fund was signed as a $28.6 billion lifeline for restaurants, particularly the smallest and hardest-hit venues.
"The National Restaurant Association and our state partners are working with our Capitol Hill supporters on a legislative strategy to replenish the RRF," Sean Kennedy, the Association’s EVP of public affairs, said in an email Wednesday. "Despite the clear need for action, passage in Congress is by no means assured. Legislators need to understand that our industry is digging out of hundreds of billions in losses and that almost no restaurant will be ‘back to normal’ anytime soon. We will kick off our drive to produce a bipartisan bill next week, and you’ll be hearing a lot more from us
soon."
Restaurants find themselves grappling with two scenarios today. One, they already received an RRF grant (or will soon) and are plotting how to use the money to preserve the business. The other being they’re one of the countless concepts that missed out and are now asking, "what’s next?"
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