April 30, 2021 – This week the Small Business Administration reopened the Shuttered Venue Operators Grant program. It also announced it would open the Restaurant Revitalization Fund on May 3. There were no fiscal stimulus legislative proposals of note this week.
Regulatory Developments Relating to the Pandemic
SBA to Open Restaurant Revitalization Fund
On April 27, the Small Business Administration announced it will begin accepting applications for the Restaurant Revitalization Fund (RRF) on May 3, and will open registration for the program on April 30. The online application will remain open to any eligible applicant until all funds are exhausted. The $28.6 billion RRF was established by the American Rescue Plan Act of 2021 to provide funds to restaurants, bars and other eligible businesses that have experienced significant loss of revenue due to the pandemic. The program will provide recipients with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as the funds are used for eligible expenses no later than March 11, 2023.
SBA to Reopen Shuttered Venue Operators Grant Program
On April 24, the Small Business Administration reopened the Shuttered Venue Operators Grant (SVOG) program application portal. The program provides economic relief to eligible live venue promoters and operators, live performing arts organizations, museums, movie theatres, theatrical producers, and talent representatives. SBA closed the portal to fix technical problems after initially opening it on April 8.
Fiscal Stimulus Legislative Proposals
There were no fiscal stimulus legislative proposals of note this week.
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