The Small Business Administration has already received 186,200 applications for the Restaurant Revitalization Fund within the first 48 hours that the application portal was open, according to a statement from the White House. Applicants come from all 50 states, Washington D.C., and five U.S. Territories.
Of that number, 46,400 applications came from businesses owned and controlled by women, 4,200 came from veterans, 30,800 came from socially and economically disadvantaged individuals, and 16,200 from businesses owned and controlled by some combination of all three.
In addition, 61,700 applications came from businesses with under $500,000 in annual pre-pandemic revenue, representing some of the smallest restaurants and bars in America, according to the statement.
For the first 21 days of the program, the SBA will prioritize funding applications from small businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. After that, all eligible applications will be funded on a first-come, first-served basis.
Related: SBA Will Soon Accept Restaurant Revitalization Fund Applications; SBA Encourages Participation in Restaurant Grant Program.