Applications for the Restaurant Revitalization Fund will close on Monday, May 24 at 8 p.m. ET, according to Small Business Administration Administrator Isabella Casillas Guzman.
“If our nation’s food and beverage industry is going to fully recover, we must ensure as many of the hardest-hit businesses get the economic aid they need,” said Guzman, in a statement. “We are committed to creating easy to navigate programs and removing barriers that have kept many of our nation’s smallest businesses from accessing these crucial economic lifelines. The SBA will continue to be as entrepreneurial as the small businesses we serve, and we will continue to work as fast as possible to deliver the relief our businesses need so urgently.”
Currently, there is still potential set-aside funding available for eligible establishments with 2019 annual revenue of not more than $50,000. 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.
“The numbers speak to the commitment SBA made to educating owners and operators through their work with the Association, our state partners, and other industry support organizations,” said Tom Bené, president and CEO of the National Restaurant Association, in a statement. “The funds that have already been distributed will help accelerate the recovery of thousands of restaurants and bring much-needed capital to communities across the country."
To date, the RRF program 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. Of the overall submitted applications, 57 percent came from women, veterans, and socially and economically disadvantaged business owners.
Related: Restaurant Revitalization Applications Request More Than Set Aside; PPP Funds Nearly Exhausted.