The Restaurant Revitalization Fund results, announced by the Small Business Administration (SBA) Administrator, Isabella Casillas Guzman, showed an overwhelming response from restaurants and other food and beverage businesses across all 50 states and the District of Columbia. The fund, part of the $28.6 billion program under the American Rescue Plan, received more than 186,000 applications. The program, which is prioritizing applications from underserved business communities and smaller businesses, is aimed at providing economic aid to establishments struggling due to the pandemic. Applicants can expect an average of 14 days from processing to fund distribution.
Press Release Information
PRESS OFFICE
Release Date: May 5, 2021 Contact: Press_Office@sba.gov
Release Number: 21-34 Follow us on Twitter, Facebook, Blogs & Instagram
SBA Announces Results of Restaurant Revitalization Fund
The SBA receives 186K applications; More than half of the applications
are from priority underserved business communities
WASHINGTON – Today Administrator Isabella Casillas Guzman announced the initial results of the successful May 3rd launch of the Restaurant Revitalization Fund, showing more than 186,000 applications from restaurants and other food and beverage businesses in all 50 states and the District of Columbia. The $28.6 billion program, signed into law by President Joe Biden as part of the American Rescue Plan, provides economic aid to restaurants and other establishments struggling to make ends meet as a result of the pandemic. The promising results send a clear message: The SBA is here to help America’s restaurants and bars get back on track.
“Our nation’s restaurants have been among the first and worst hit by this pandemic, which is why we’ve been working as fast as possible to meet businesses where they are and get this much-needed relief into their hands,” said SBA Administrator Guzman. “As directed by Congress, we’re prioritizing historically underserved communities and smaller businesses to ensure this relief is going to those who need it the most. At the SBA, we know that our nation’s restaurants help propel our economy and sustain our neighborhoods and communities, and we will continue to work hard to ensure they get the resources they need to recover, rebuild and become resilient.”
Key Statistics
- 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.
Program Details and Application Process
In the weeks leading up to the opening of this program, the SBA engaged with hundreds of thousands of entrepreneurs — in hundreds of webinars and events held in multiple languages – to make sure they were ready to apply. Further, to support demand for this funding opportunity, the SBA expanded the RRF ecosystem to include point-of-sale vendors, providing more ways for eligible restaurants to take advantage of the program.
As outlined by Congress, restaurants and bars are eligible for economic aid equal to their pandemic-related revenue loss, with a cap of $10 million per business and $5 million per location. The funds are available for certain eligible uses, like payroll and rent.
While all qualified businesses are allowed to apply, under the law, the SBA will prioritize RRF applications from small business concerns owned and controlled by women, veterans, and socially and economically disadvantaged individuals for the first 21 days of the program. Following the 21-day period, all eligible applications will be funded on a first-come, first-served basis.
To further ensure the equitable distribution of relief, $9.5 billion in set-asides have been established for the smallest restaurants and bars – including millions of dollars for restaurants, bars, and food trucks with under $50,000 in revenue.
Approved applicants should expect an average of 14 days for processing, review, approval and funds distribution. Those interested in applying to the program should visit sba.gov/restaurants for sample application, program guide, and more. The application window will remain open until RRF funds have been fully exhausted.
About the U.S. Small Business Administration
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Question & Answer
What is the Restaurant Revitalization Fund?
The Restaurant Revitalization Fund is a program under the American Rescue Plan aimed at providing economic aid to restaurants and other food and beverage businesses struggling due to the pandemic.
How many applications were received for the Restaurant Revitalization Fund?
More than 186,000 applications were received from restaurants, bars, and other eligible businesses in all 50 states, Washington, D.C., and five U.S. Territories.
Who are the priority groups for the Restaurant Revitalization Fund?
The SBA will prioritize applications from small business concerns owned and controlled by women, veterans, and socially and economically disadvantaged individuals for the first 21 days of the program.
What is the average processing time for approved applicants of the Restaurant Revitalization Fund?
Approved applicants should expect an average of 14 days for processing, review, approval, and funds distribution.
