Restaurant Revitalization Funds Frozen For Minority Restaurant Owners
The SBA recently announced that they are halting the disbursement of approved Restaurant Revitalization Funds for 3,000 minority-owned businesses that applied during the allotted prioritized application period. Among them were restaurants and other approved business types owned by women, veterans, and disadvantaged people.
The announcement came in response to two injunctions issued by judges in Texas and Tennessee due to lawsuits by non-minority owned restaurants. The lawsuits argue that the RRF’s priority period was unconstitutional due to discrimination.
The SBA will continue to pay out approved funds to approved, non-priority applicants at this time, but because of the injunctions, they have frozen all payouts to the 2,965 approved applicants that haven’t received funds until the case is settled.
If you or someone you know has been affected by this recent change to the RRF program, we’re here for you. We are continuing our efforts to help restaurant and hospitality business owners get the funding they need quickly to refuel and thrive post pandemic. Complete our no-obligation online application today to receive a quote from one of our local loan consultants. We promise to find you the perfect loan to fit your restaurant’s needs and applying will not affect your credit.