Small Business Administration Announces Restaurant Revitalization Fund Application Deadline of May 24
The U.S. Small Business Administration (SBA) recently announced that restaurants, bars and other eligible businesses impacted during the COVID-19 pandemic have until Monday, May 24 at 8 p.m. ET to submit applications to the Restaurant Revitalization Fund (RRF).
The $28.6 billion RRF established an initial $5 billion set-aside for applicants with 2019 gross receipts of not more than $500,000. To further ensure an equitable distribution of funds, SBA Administrator Isabella Casillas Guzman created two additional funding allocations to ensure the smallest establishments have equitable access: 1) $500 million for applicants with 2019 gross receipts of not more than $50,000 and 2) $4 billion for applicants with 2019 gross receipts between $500,000 and $1,500,000.
Because the SBA still has potential set-aside funding available for eligible establishments with 2019 annual revenue of not more than $50,000, it will keep the application portal open until Monday, May 24 at 8 p.m. ET. While all qualified restaurants may submit applications, more than $220 million of a $500 million set-aside remains. The SBA encourages eligible establishments that meet the revenue standard to apply through SBA-recognized point-of-sale vendors or directly via the SBA online portal.
To date, the RRF has received more than 303,000 applications representing over $69 billion in requested funds, and nearly 38,000 applicants have been approved for more than $6 billion.
To apply for RRF relief, visit sba.gov/restaurants.