CAL wanted to pass along this important update to you and, in particular, wanted to be sure our restaurant / bar clientele were aware of the new restaurant revitalization fund. Please do see below from our banking partner, Bank of San Francisco.
“The U.S. Small Business Administration (SBA) has announced that Paycheck Protection Program (PPP) loan applications must be submitted to it by no later than May 31, 2021. The Bank will need to receive borrower applications in advance of that in order to submit them to the SBA by May 31. Of the $813.5 billion in PPP loan funding authorized by Congress, $762 billion was outstanding as of April 18, 2021. There is approximately $51.5 billion in funding for the program remaining. If current trends continue, PPP funding may run out prior to the May 31 program deadline. Therefore, if you intend to apply for a PPP loan, time is of the essence.
In other news, the SBA recently announced eligibility requirements and application guidelines for its Restaurant Revitalization Fund (RRF); a program designed to provide economic relief directly from the SBA to restaurants and bars. The official launch date of the program will be announced at a later date.
Unlike the PPP, the RRF was not designed as a partnership program between the SBA and financial institutions such as our Bank. We encourage you to apply if you are qualified, and to pass the information along to others. Interested applicants should apply directly through the SBA Restaurant Revitalization Fund website.
As always, the parameters of each of these programs are subject to change. We highly recommend that you review the SBA Website for the most up-to-date information.
Please let us know if you are in need of help, or are aware of a business or nonprofit that you believe would benefit from our assistance. Feel free to contact your Relationship Manager or other Bank of San Francisco team member if you have any questions. Our contact information can be seen here.”