Thank you, Ron for that wonderful introduction. And thank you for all that you have done as USBC president to support our nation’s 2.6 million black-owned small businesses during this crisis and beyond.
I’d also like to thank Rhett and Renee at Public Private Strategies Institute for sponsoring this important webinar, and for all that you are doing to support our nation’s small businesses.
Note: Additional acknowledgements may be added of other participating organizations, pending information update
Over the past year, our nation’s restaurants and other food and beverage small businesses have faced enormous challenges.
As California’s Small Business Advocate and, now, as the voice for America’s 30 million small businesses and innovative startups, I’ve seen how you’ve pivoted and adapted to the changing marketplace – finding new ways to connect with your customers while covering expenses and supplies, and continuing to pay your employees.
I’ve been inspired by your creativity, ingenuity and determination.
Today, I want you to know that help – customized for you - is here.
Thanks to the American Rescue Plan, passed by Congress and signed into law by President Biden, the SBA’s Restaurant Revitalization Fund will be giving out $28.6 billion dollars in targeted relief– through grants – not loans – to restaurants and other food and beverage businesses. And the grant application portal will be available starting Monday, May 3rd.
Restaurants were among the businesses that were first to close – and will likely be among the last to fully reopen. You represent the core of our neighborhoods and propel economic activity on our main streets across the nation. Your business models have changed, revenues have been impacted, and expenses have increased as you’ve adapted to COVID. So many restaurants desperately need help to survive.
It’s critical that we deliver the Restaurant Revitalization Fund to businesses quickly, efficiently and equitably.
Across all of our programs and policies, I want the SBA to be as entrepreneurial as the businesses we serve – as all of you businesses out there who have adapted and pivoted all year to serve your clients.
So we’ve designed the application for the Restaurant Revitalization Fund with restaurants and food and beverage businesses, you 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.
We’ll offer grants of up to $5 million per location and $10 million per entity to support restaurants that suffered revenue losses related to COVID-19 pandemic. The focus is on impacted businesses and so your relief amount will be calculated based on the difference between your 2019 and 2020 gross receipts, minus other relief such as a PPP loan.
And you will have flexibility in how you spend your relief funds – everything from rent to supplies to business debt is allowed. You’ll also have until March 2023 to spend the funds.
Businesses have adopted technology at high rates during the pandemic - I’ve directed our team to integrate technology, and ensure the application is accessible to ALL.
In addition to offering a direct application at sba.gov, We’ve partnered with point-of-sale vendors to help you apply or get connected to the SBA portal where you are already doing business… 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. We’re focusing on simplifying the process while ensuring funds get into the right hands.
We know that our smallest and underserved businesses -- especially those owned by people of color -- have suffered the most from the pandemic and yet many have been unable to access relief.
Congress understood this when they included language in the American Rescue Plan that mandated a 21-day priority period for restaurants, food and beverage businesses owned by women, veterans, and other socially or economically disadvantaged people.
Congress also allocated 5 billion dollars in set-asides specifically targeted to smaller businesses – and the SBA added another $4.5 billion dollars.
And they directed us to ensure a broad range of restaurants and food and beverage businesses are eligible for the Fund -- food trucks, food carts, breweries, taprooms are all included.
Our focus on reaching our smallest and underserved businesses is in line with the Biden-Harris administration’s emphasis on equity – a vision that I’m committed to at the SBA. We know that ALL our small businesses must be supported and given the opportunities to succeed if our nation is going to thrive and retain our global competitiveness.
And we know it’s not just the design, but the implementation and our outreach. Which is why today’s event is so important and why we’re prioritizing accessibility.
We’ve worked to make the application process as simple and accessible as possible. And we’re bringing this customer-first approach, and a focus on technology and equity to all our programs at the SBA so all of our small businesses can recover, start, grow and build resilience.
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 know that you want to reopen, but you want to reopen safely.
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 can survive this pandemic.
I take my role as the voice of America’s small businesses to heart. I know the impact you have, and I want you to feel like the giants you are in our economy.
So, thanks again to PPSI, USBC, add partner organizations here and thank YOU ALL for everything that you do for your communities, your employees and our nation’s economy.
Keep up hope – we’re here to help!
I’ll now turn it over to Gregory Gourdet, who is the chef/owner of Kann PDX and the co-founder of the Independent Restaurant Coalition, which has been such an important partner for us as we’ve designed the Restaurant Revitalization Fund. Chef Gourdet is also a finalist on Top Chef season 17 All-Stars LA and the runner-up on Top Chef season 12 in Boston, who is known for tapping into BIPOC cuisines from around the world with a strong focus on his Haitian heritage.
Thank you for being here Chef Gourdet.