Toast Announces Partnership with U.S. Small Business Administration to Provide Restaurants with Access to $28.6B Restaurant Revitalization Fund
BOSTON–(BUSINESS WIRE)–#COVID19—Toast, the fastest-growing restaurant management platform, today announced a partnership with the U.S. Small Business Administration (SBA) to help provide customers with access to funds made available through the $28.6 billion Restaurant Revitalization Fund (RRF). This partnership with the SBA is expected to benefit Toast customers with a simplified application process for RRF grant applications by May 2021.
The restaurant industry has been among the hardest-hit industries during the COVID-19 pandemic. To support the industry and small restaurants, the American Rescue Plan Act established a $28.6 billion Restaurant Revitalization Fund through the SBA.
“Toast is proud to be part of the Restaurant Revitalization Fund story; since March 2020, we’ve written letters to Congress, actively lobbied to help secure this funding for the restaurant industry, and partnered with groups like the Independent Restaurant Coalition to advocate for restaurateurs and their employees throughout the COVID-19 pandemic,” said Nick DeLeonardis SVP & GM, Payments, Lending, and Payroll at Toast. “Our actions helped enact meaningful change, and allowed us to support our customer community when they needed it most. We’re thrilled to partner with the SBA to deliver access to critical funding for restaurants as the industry approaches recovery in the coming months.”
For the first 21 days of the SBA grant program, the SBA will prioritize processing and awarding funds to businesses that are at least 51 percent owned and controlled by women, veterans, or socially and economically disadvantaged individuals. Applications from businesses that do not qualify for this priority period will be submitted for review by the SBA following the priority period.
See here for details on business eligibility criteria, prioritization, eligible expenses, the application process and more. Restaurant owners and operators can learn more about Toast and schedule a personalized demo here.
Launched in 2013, Toast is democratizing technology for restaurants of all sizes. Built exclusively for restaurants and driven by a passion to enable their success, Toast connects employees, operations, and guests on an easy-to-use platform so restaurateurs can stay one step ahead of a rapidly evolving hospitality market. Tens of thousands of restaurants partner with Toast to increase revenue, streamline operations, retain great employees, and create raving fans. Toast was named to Fortune’s 2020 Best Workplaces in Technology, 2020 Forbes Fintech 50, 2020 Forbes Cloud 100, Ernst & Young’s Entrepreneur Of The Year® 2020 Listing – National Overall Winner, and the 2019 SXSW Interactive Innovation Finals. Learn more at www.toasttab.com.
Sr. PR & communications manager