- The PPP Extension Act extends the deadline for Paycheck Protection Program loans by two months, from March 31 to May 31.
- Meanwhile, the Small Business Administration has said it will streamline the process to apply for Restaurant Revitalization Fund grants, no longer requiring applicants to sign up for SAM.gov or to have a DUNS number.
Related: 10. 2 percent of U.S. restaurants have closed permanently in pandemic
President Biden today signed into law a bipartisan bill that will extend the deadline for Paycheck Protection Program loan applications by two months, from March 31 to May 31.
Meanwhile, the Small Business Administration (SBA) announced that it has streamlined the application process for restaurant owners who apply for Restaurant Revitalization Fund grants. Applicants will no longer be required to sign up for SAM.gov (System for Award Management) or have a DUNS (Data Universal Numbering System) number when applying for federal funds to help their restaurants stay in business.
Patrick Kelley, associate administrator for the SBA’s Office of Capital Access, said last week that the administration will likely start taking Restaurant Revitalization Fund applications sometime in April. “We get it,” Kelley told the Senate’s Small Business Committee in a hearing last week. “We are working as fast as we can and around the clock to get the restaurant relief program up off the ground.”
Related: How the American Rescue Plan will help independent restaurants and small chains
Congress has set aside $28.6 billion in funding for grants to be awarded to qualified restaurant operators as part of Biden’s American Rescue Plan.
The PPP Extension Act of 2021 passed the House by a vote of 415-3 and the Senate by a 92-7 vote.
When he signed the bill today, Biden hailed it as “a bipartisan accomplishment.” He added, “Nearly 90,000 businesses are still in line, and without someone signing this bill today, there are hundreds of thousands of people that could lose their jobs.”
