Square Announces Participation in the Small Business Administration’s Restaurant Revitalization Fund Distribution Efforts

Rhea-AI Summary

Square has partnered with the Small Business Administration (SBA) to support the Restaurant Revitalization Fund (RRF), a $28.6 billion program aimed at aiding food and beverage businesses affected by the COVID-19 pandemic. Eligible restaurants can access RRF awards through Square's dashboard if they processed payments with Square in 2019 and 2020. Bruce Bell, head of Square for Restaurants, emphasized the need for tools and support for sellers as they prepare to reopen.

Positive

• Partnership with SBA enhances Square's engagement with restaurants and food businesses.
• Access to $28.6 billion in grants through the RRF supports Square's seller base.

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• None.

Today, Square announced its participation as a technology partner in the Restaurant Revitalization Fund (RRF), a $28.6 billion grant program administered by the Small Business Administration (SBA). The RRF will provide free monetary awards to restaurants and other food and beverage businesses that sustained financial losses from the COVID-19 pandemic.

Restaurants and other eligible food and beverage sellers can apply for a RRF award directly from Square’s dashboard if they used Square to process customer payments in both 2019 and 2020. Square sellers who processed outside of this timeline are encouraged to apply through the SBA website using Square account data. To learn more about eligibility, and how you can apply for an award, visit Square’s support center here.

“As restaurant sellers prepare for reopening, we’re working with the SBA to provide them with access to the tools and services they need to rebuild,” said Bruce Bell, head of Square for Restaurants. “We’re honored to partner with the SBA in this important initiative, as we continue to support our sellers on the challenging road ahead.”

“The SBA is partnering with point of sale providers to leverage technology to better reach the smallest businesses that need our help the most. This collaboration is just one example of the many innovative and creative ways we’re connecting with entrepreneurs in the hardest-hit and underserved communities,” said SBA Administrator Isabella Casillas Guzman. “The SBA must be as entrepreneurial as the entrepreneurs we serve. This partnership enables us to meet small businesses where they are, instead of waiting for them to come to us.”

To hear more from Square about additional resources please reference our COVID-19 resource hub.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210422005419/en/

FAQ

What is the Restaurant Revitalization Fund (RRF) associated with Square?

The RRF is a $28.6 billion grant program by the SBA aimed at helping restaurants and food businesses that faced financial losses due to COVID-19.

How can Square sellers apply for RRF awards?

Square sellers who processed payments through Square in 2019 and 2020 can apply for RRF awards directly via Square's dashboard.

What role does Square play in the RRF initiative?

Square is a technology partner in the RRF, facilitating access for eligible restaurants to apply for grants.

What has Square announced regarding support for restaurants?

Square announced its participation in the RRF to provide tools and services to help restaurant sellers rebuild as they prepare to reopen.