Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration, announced the latest application data results for the $28.6 billion Restaurant Revitalization Fund (RRF), passed as part of the American Rescue Plan. The RRF has received more than 147,000 applications from women, veterans, and socially and economically disadvantaged business owners, requesting a total of $29 billion in relief funds.
To date, a total of $2.7 billion of relief funds have been distributed to 21,000 restaurants since the Restaurant Revitalization Fund opened on May 3.
In addition to a $5 billion set-aside established by Congress for applicants with gross receipts not more than $500,000, Guzman created two additional funding allocations to ensure the smallest of the small restaurants and other eating establishments such as food trucks and carts get the aid needed: 1) $500 million for applicants with 2019 gross receipts less than $50,000; and 2) $4 billion for applicants with 2019 gross receipts between $500,000 and $1,500,000.
In the first days of the RRF program, SBA has received: 13,114 applications from businesses with under $50,000 in pre-pandemic revenue requesting $330 million in funds; 100,410 applications from businesses with under $500,000 in annual pre-pandemic revenue requesting $8.14 billion in funds; and 61,535 applicants from businesses with $500,000 - $1,500,000 in annual pre-pandemic revenue requesting $15.1 billion in funds.
Because SBA still has potential funding available for eligible establishments with 2019 annual revenue of not more than $50,000, it will keep the application portal open. Eligible establishments that meet this revenue standard are encouraged to apply through SBA-recognized point-of-sale vendors or directly via the SBA online application portal.
Overall, the RRF program has received more than 266,000 applications representing over $65 billion in requested funds. Nearly half of the overall submitted applications came from women, veterans, and socially and economically disadvantaged business owners. During the first week of the program, SBA has received applications from: 76,183 women business owners; 6,093 veteran business owners; and 42,284 economically and socially disadvantaged individuals.
“Awarding grants within a week of restaurants and bars applying demonstrates SBA's steadfast commitment to getting people the help they need as quickly and efficiently as possible,” said Erika Palmer, executive director of the Independent Restaurant Coalition. “Restaurants and bars across the country are devastated after the last 16 months of this pandemic and, until this week, have been unable to access the meaningful relief needed to stay afloat.”
For more information about the Restaurant Revitalization Program, visit https://sba.gov/restaurants.
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