The Small Business Administration’s Restaurant Revitalization Fund has more than $75 billion in applications and only $28.6 billion in funding — but help could be on the way.
Sen. Ben Cardin, D-Md., chairman of the Senate’s small Business Committee, said in a hearing Wednesday featuring SBA Administrator Isabel Guzman that the Senate’s leadership is mulling over fresh legislation for the program, including more funding. The grant program has received more than 362,000 applications since opening earlier in May.
“I’ve already alerted leadership that we need a vehicle to deal with this,” Cardin said, speaking of legislation to both fix small issues and obtain new funding. “And I know that the leaders’ office is looking at this now.”
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