Today, the U.S. Small Business Administration will begin delivering economic relief from the Restaurant Revitalization Fund, established by the American Rescue Plan and signed into law by President Joe Biden, to more than 16,000 approved applicants. This first round of funding represents over $2 billion of relief awarded since last Monday’s successful program launch. Restaurants and other food and beverage businesses across the nation will begin to see funds in bank accounts as early as Tuesday, May 11.
“Just one week after launching the $28.6 billion Restaurant Revitalization Fund, the SBA has begun to fund applications and that more than 16,000 restaurants and other food and beverage business owners will get much-needed relief in their hands,” said SBA Administrator Isabella Casillas Guzman. “We know that this help is urgently needed by so many who have suffered disproportionately from this pandemic and have often been unable to access relief. Restaurants are the core of our neighborhoods and propel economic activity on Main Streets across the nation. The SBA is here to help them build resilience to survive this pandemic as we get our economy back on track.”
Under RRF, restaurants are eligible for funding equal to their pandemic-related revenue losses, capped at $10 million per business and $5 million per location. The SBA will continue to fund approved applications until all funds have been exhausted. SBA has prioritized a customer-centric approach to the delivery of economic aid, eliminating cumbersome application requirements, streamlining the application process, and partnering with point-of-sale (POS) vendors to provide seamless ways to apply to the Restaurant Revitalization Fund.
Following the 21-day priority period, all eligible applications will be funded in the order in which they have been received. While the SBA will continue accepting applications from any eligible establishment until funds are exhausted, the number of applications received so far could exhaust the funds authorized to fund the RRF. Interested onsite food establishments may still apply through SBA-recognized POS vendors or directly via the SBA online application portal: https://restaurants.sba.gov.
The SBA began accepting applications for the Restaurant Revitalization Fund (RRF) on Monday, May 3. In the first two days of the RRF application window, the SBA has received:
- 186,200 applications from restaurants, bars, and other eligible businesses in all 50 states, Washington, D.C., and five U.S. Territories.
- 97,600 applications of which came from restaurants, bars, and other eligible businesses owned and controlled by women (46,400), veterans (4,200), socially and economically disadvantaged individuals (30,800), or some combination of the three (16,200).
- 61,700 applications from businesses with under $500,000 in annual pre-pandemic revenue, representing some of the smallest restaurants and bars in America.
The SBA is still accepting applications. For more information and how to apply, visit sba.gov/restaurants.