The SBA has received more than 147,000 Restaurant Revitalization Fund applications from women, veterans, and socially and economically disadvantaged business owners, requesting a total of $29 billion in relief funds, which is over the $28.6 billion set aside for the program.
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, 2021.
“Through the Restaurant Revitalization Fund, SBA is helping thousands of restaurants and other food and beverage businesses across the country get the help they desperately need to recover and rebuild from this pandemic,” said SBA Administrator Isabella Casillas Guzman, in a statement. “The numbers show that we’ve been particularly successful at reaching the smallest restaurants and underserved communities that have struggled to access relief. These businesses are the pillars of our nation’s neighborhoods and communities. We are making progress, but we have much more work to do as we continue reaching our underserved entrepreneurs.”
Because SBA still has potential funding available for eligible establishments with 2019 annual revenue of less 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.
“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 Polmar, executive director of the Independent Restaurant Coalition, in a statement. “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. This is what so many businesses have been waiting for—independent restaurants and bars are grateful for the Biden Administration's efforts to quickly and carefully deliver relief to the people who need it most.”
Related: Restaurant Revitalization Fund Applications Pouring In; SBA Will Soon Accept Restaurant Revitalization Fund Applications.