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SBA | PPP and RRF Updates

Michigan Business Network
May 10, 2021 1:00 PM

The SBA began accepting applications for the Restaurant Revitalization Fund (RRF) on Monday, May 3. In the first two days of the RRF application window, the SBA has received:

  • 186,200 applications from restaurants, bars, and other eligible businesses in all 50 states, Washington, D.C., and five U.S. Territories. 
  • 97,600 applications of which came from restaurants, bars, and other eligible businesses owned and controlled by women (46,400), veterans (4,200), socially and economically disadvantaged individuals (30,800), or some combination of the three (16,200). 
  • 61,700 applications from businesses with under $500,000 in annual pre-pandemic revenue, representing some of the smallest restaurants and bars in America.  

The SBA is still accepting applications. For more information and how to apply, visit sba.gov/restaurants. 

Restaurant Revitalization FundRestaurants, bars, and other small businesses offering on-site food and beverages are the core of our neighborhoods and propel economic activity on our Main Streets. Nearly half of all restaurant, bar, and other food and drinking place workers (6 million) lost or left their jobs between February and April 2020, and the industry was still down 2.3 million jobs in December 2020. 

On Monday, May 3, the SBA opened the RRF application portal and, per this news release, in the first two days the SBA received:

  • 186,200 applications from restaurants, bars, and other eligible businesses in all 50 states, the District of Columbia, and five U.S. territories.
  • 97,600 applications of which came from restaurants, bars, and other eligible businesses owned and controlled by women (46,400), veterans (4,200), socially and economically disadvantaged individuals (30,800), or some combination of the three (16,200).
  • 61,700 applications from businesses with under $500,000 in annual pre-pandemic revenue, representing some of the smallest restaurants and bars in America. 

The White House also issued a fact sheet with more detail on the Administration’s support for the industry. 

Paycheck Protection ProgramAs of last Monday, all appropriated general funding for PPP federal guarantees was exhausted, however a portion of the Community Financial Institution (CFI) set aside remains. A statement attributable to the SBA regarding this is:  “After more than a year of operation and serving more than eight million small businesses, funding for the bipartisan Paycheck Protection Program has been exhausted. The SBA will continue funding outstanding approved PPP applications, but new qualifying applications will only be funded through Community Financial Institutions, financial lenders who serve underserved communities. The SBA is committed to delivering economic aid through the many COVID relief programs it is currently administering and beyond."

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Shuttered Venue Operators GrantAs of 12pm ET on Monday, May 3 (one week since the program’s opening), the SVOG application portal had received 22,538 SVOG applications. Of those applications, 10,300 have been submitted to the SBA (the remaining 12,238 have been started but not submitted). Local/state data is not available at this time. The SBA began reviewing the SVOG applications upon receipt and it is expected SVOG Priority 1 (90% revenue loss) applicants will receive notice of awards this month and disbursement by the end of May if they respond in a timely manner to the notice of award. (On background and because I understand the federal grant process could be new to you, here’s some additional info from grants.gov about the federal grant award phase: Award Phase | GRANTS.GOV). 

Economic Injury Disaster Loans / Targeted EIDL AdvanceAccording to the EIDL Report issued on April 29, 2021, nationally nearly 3.8 million EIDLs have been approved by the SBA for nearly $206 billion. The Great Lakes Region has received about 12% of the nation’s approved EIDLs.

4/29/2021

EIDLs

Approved dollars

Illinois

146,996

$7,447,607,170

Indiana

40,976

$2,111,477,866

Michigan

88,803

$4,755,391,963

Minnesota

42,340

$2,424,843,061

Ohio

86,146

$4,377,135,353

Wisconsin

39,033

$2,052,456,966

Region Total

444,294

$23,168,912,379

National Total

3,793,460

$205,833,611,337

 

As of this week, the SBA has received around one million applications for the Targeted EIDL Advance program. According to the April 29 report, 89,755 Targeted EIDL Advances had been approved for $733.1 million nationally. The Great Lakes Region has received approximately 12% of the funding for this program as well.

4/29/2021

Targeted
EIDL Advance

Dollars

Illinois

3,785

$31,286,000

Indiana

1,012

$8,097,000

Michigan

1,996

$16,018,000

Minnesota

1,041

$8,503,000

Ohio

1,928

$15,967,000

Wisconsin

829

$6,835,000

Region Total

10,591

$86,706,000

National Total

89,755

$733,159,000

For detailed information on SBA’s COVID-19 economic relief programs for small businesses and other eligible entities, visit www.sba.gov/relief and www.sba.gov/asistencia (en Español).

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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

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Michigan Business Network is an online broadcasting company that provides knowledge, news, and insights into Michigan’s businesses, industries, and economy.