Small Business Administration Reports Initial Restaurant Revitalization Fund Results
The U.S. Small Business Administration (SBA) reported it has received more than 186,000 applications in the first two days after its $28.6 billion Restaurant Revitalization Fund (RRF) application window opened on May 3.
The SBA stated it received 186,200 applications from restaurants, bars and other eligible entities in all 50 states, Washington, D.C., and five U.S. territories. Of that total, 97,600 applications were from eligible businesses owned and controlled by women (46,400), veterans (4,200), socially and economically disadvantaged individuals (30,800), or a combination of the three (16,200). The SBA also stated that 61,700 applications came from businesses with less than $500,000 in annual pre-pandemic revenue.
The RRF awards eligible entities grants equal to their pandemic-related revenue loss, up to $10 million per business and no more than $5 million per physical location.
All eligible entities are able to submit applications, but for the first 21 days the SBA is prioritizing reviewing applications from businesses owned by women, veterans, and socially and economically disadvantaged individuals. After the first 21 days, the SBA will fund all eligible applications on a first-come, first-serve basis.
The SBA stated that approved applicants should expect an average of 14 days for processing, review, approval and distribution of funds.
For more details on the RRF, see Small Business Administration Announces Details of Restaurant Revitalization Fund.