Thank you, Congresswoman Bourdeaux for that warm introduction.
It’s an honor to be here today with you and your local restauranters and food and beverage businesses.
I know you arrived in Washington just a few months before I did -- but you’ve really hit the ground running -- going to bat immediately for your constituents, voicing their issues and concerns - particularly the small businesses that have been hit so hard by this pandemic. I am proud to have you as a strong partner, so thank you.
As the voice for small businesses in the seventh district, you’ve taken those stories, those realities, and turned them into real impact for our nation’s small businesses. The first bill you introduced was the PPP Extension Act. In 2021 alone, the SBA has approved 4.7 million Paycheck Protection Program loans, averaging about $50,000 each.
I know that the millions of small businesses across the country who are depending on that financial relief to rebuild and recover are forever grateful that you recognized the need – and fought to get it across the finish line.
I understand that many of you on the phone today are yourselves small business owners, who have been faced with enormous pressures over the past year, trying to pivot and adapt to figure out how you were going to cover expenses, supplies and continue to pay your employees.
I grew up in a small business family and have been an entrepreneur myself, including in the Great Recession, so I understand on a personal level how much grit and determination it takes to start, grow and sustain a small business – especially during an economic crisis.
The SBA wants you to know that help is here.
Thanks to the American Rescue Plan, passed by Congress and signed into law last month by President Biden, we are giving out billions of dollars in relief funding – including the program we’re here to talk about today, the Restaurant Revitalization Fund.
My Associate Administrator Patrick Kelley, who leads our Office of Capital Access, and Nicola Montagna, a special assistant in that office, will walk you through the nuts and bolts of the program in a few minutes so that you can be ready to apply, so I’ll just say a few words about why it was created and how the program was designed.
The Restaurant Revitalization Fund allocates $28.6 billion dollars in targeted relief to our nation’s food and beverage service small businesses.
The Fund was the biggest ticket item for small businesses in the American Rescue Plan, and the reason for that is because both Congress and President Biden recognize that restaurants were among the businesses that were first to close – and will likely be the last to fully reopen.
We know that you need help now, which is why we’ve been working at breakneck speed to roll this program out … and we’re doing it by being as entrepreneurial as the entrepreneurs like you that we serve.
We designed the Fund with restaurants and food and beverage businesses, the end-users, in mind, paying particular attention to your reality over the past year and how you’ve been running your businesses in the marketplace.
I asked my team to focus on the customer first and meet our small businesses where they are. I’ve directed them to integrate technology, and ensure the application is accessible to ALL.
The end result is that we’re using technology to guide you through the process. We’ve created partnerships with point-of-sale vendors to help you apply … right now we’re partnering with Clover, NCR Corporation, Square, and Toast and we’ll be adding new partners as we go. And we’ve eliminated bureaucratic requirements that don’t make sense for your industry.
The Fund’s online application portal will be available in two languages, with translation available in 17 languages. And, we have support available in 30 languages. Our live customer service line is open from 8am to 8pm EST M-F and Nicola and Patrick will tell you how to connect with us.….
We have seen the data showing that the smallest businesses … as well as historically underserved businesses, particularly those owned by people of color … have suffered the most from this pandemic.
Congress mandated a 21-day priority period for restaurants owned by women, veterans, and socially or economically disadvantaged people. In addition, Congress also included $9.5 billion dollars in set-aside funding specifically targeted to smaller establishments.
This is in line with the Biden-Harris administration’s focus on equity – a vision that I’m committed to at the SBA to ensure our programs support ALL businesses especially those that have been historically underserved or left out.
Congress directed us to define “restaurants” expansively to ensure that the smallest businesses aren’t left behind -- food stands, food trucks, food carts, breweries, taprooms, taverns and bars all qualify.
We’ve been reaching out into local communities to make sure no one is left behind.
We’re partnering with hundreds of local groups and community organizations across the country -- such as the Georgia Microenterprise Network, ACE, Bank-On Atlanta, as well as local banks and mission lenders like Lyft Fund and Citizens Bank-- to help restaurants and the smallest businesses get information about the Fund and get ready to submit their applications.
We hope that you will help us get the word out in your neighborhoods and along your Main Streets.
This pandemic will end one day soon. Thanks to the American Rescue Plan, the Biden-Harris administration’s shots in arms campaign – and the dedication of healthcare workers on the frontlines -- half of all adults in the U.S. have received at least one dose of the vaccine.
We will gather in restaurants again to dine with family and friends.
We will hold after-work happy hours.
We will pop out for a quick lunch from our favorite street vendor.
At the SBA, we’re committed to making that happen. We’re here to help you get back on your feet – and ensure that you once again become the driving force of our nation’s economy.
Thank you.
I’ll now turn it over to Nicola….