Thank you, Leader Schumer and Chairwoman Velazquez for hosting this important event.
It’s an honor to be here today with you both, as well as restauranters and food and beverage businesses from across the great state of New York.
Leader Schumer, you have been such an outspoken advocate for small business owners here in New York and across the country, and a pivotal force in getting the Restaurant Revitalization Fund off the ground.
Chairwoman Velazquez, I appreciate your stewardship of the House Small Business Committee, particularly throughout this pandemic, and your impassioned commitment to all of our nation’s entrepreneurs – ensuring they get the support they need.
I look forward to partnering with you both as we bring our nation’s small businesses through – and beyond – this pandemic and economic crisis.
And thank you for gathering this great group – we know the impact COVID has had on our restaurants and other food and beverage businesses.
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 for Capital Access Patrick Kelley, 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 to kick off the training.
The Restaurant Revitalization Fund allocates $28.6 billion dollars in targeted relief. In fact, 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 among 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 this new 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 delivering a grant program with a user intuitive application with “walk me” through functionality, which allows you to hover over descriptions and follow along step-by-step guidance. We’ve created an ecosystem with point-of-sale vendors to help you apply or get connected to the SBA portal … right now we’re partnering with Clover, Aloha, 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 English and Spanish – a first - with translation in 8 languages and support in up to 17 languages. Our live customer service line is open from 8am to 8pm EST M-F.….we are here to help.
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 targeted funding 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.
Congress directed us to define “restaurants” expansively to ensure that the smallest businesses aren’t left behind -- food stands, food trucks, food carts, as well as 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 Street Vendor Project NYC and Centro Civico to help businesses get information about the Fund and get ready to submit their applications.
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 and grab 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.
Know that I take my role as the voice of America’s small businesses to heart –and I know the impact you have and I want you to feel like the giants you are in our economy.
So thanks again leader Schumer and Chairwoman Velasquez and thank YOU ALL for all that you do for your communities, employees and our economy.
My SBA team - Patrick and Nicola will now take you through to learn more and get ready to apply.
Thank you.