The U.S. Small Business Administration (SBA) has begun distributing the first wave of restaurant revitalization funds, delivering economic relief to over 16,000 approved applicants in the first week following the program’s launch. The Restaurant Revitalization Fund, established by the American Rescue Plan and signed into law by President Joe Biden, has awarded more than $2 billion in relief funds so far. The SBA has streamlined the application process, working with point-of-sale vendors to ensure seamless application to the fund. While the number of applications could potentially exhaust the fund, the SBA will continue accepting and funding eligible applications in the order they were received until all funds have been depleted.
PRESS OFFICE
Release Date: May 10, 2021 Contact: Press_Office@sba.gov
Release Number: 21-35 Follow us on Twitter, Facebook, Blogs &Instagram
The SBA Funds 16,000 Restaurant Revitalization Fund Awards
First Wave of Approvals Come in First Week After Opening
WASHINGTON – The U.S. Small Business Administration is already delivering economic relief to more than 16,000 approved applicants to the Restaurant Revitalization Fund, established by the American Rescue Plan and signed into law by President Joe Biden. 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 can see funds in their bank accounts as early as Tuesday, May 11.
“Just one week after launching the $28.6 billion Restaurant Revitalization Fund, I am pleased to officially report that 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.”
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 by partnering with point-of-sale 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.
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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
How many approved applicants have received funding from the Restaurant Revitalization Fund so far?
Over 16,000 approved applicants have received funding from the Restaurant Revitalization Fund in the first week following the program’s launch.
What is the total amount of relief funds awarded by the Restaurant Revitalization Fund up to now?
The Restaurant Revitalization Fund has awarded more than $2 billion in relief funds so far to eligible applicants.
What is the maximum funding amount that a restaurant can receive under the RRF program?
Restaurants are eligible for funding equal to their pandemic-related revenue losses, capped at $10 million per business and $5 million per location under the RRF program.
