restaurant

Final Push for Restaurant Revitalization Fund Applications

Qualifying eating establishments should submit applications by May 24 deadline

SBA Administrator Isabella Casillas Guzman announced that eligible eating establishments have until Monday, May 24, 8 p.m. ET, to submit applications to the Restaurant Revitalization Fund.

“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 Administrator Guzman. “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.”

“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 & CEO of the National Restaurant Association. “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.”

The $28.6 billion Restaurant Revitalization Fund signed into law by President Joe Biden established an initial $5 billion set-aside established by Congress for applicants with gross receipts not more than $500,000. To further ensure an equitable distribution of funds, Administrator Guzman created two additional funding allocations to ensure the smallest of the small restaurants and other eating establishments have equitable access: 1) $500 million for applicants with 2019 gross receipts not more than $50,000, and 2) $4 billion for applicants with 2019 gross receipts between $500,000 and $1,500,000. In the first two weeks of the RRF program, and after 600 targeted community outreach events in multiple languages:

  • Approximately $210 million remains for those in priority group with not more than $50k revenue (total requested thus far is approximately $290 million with a total $500 million allocated for this group)
  • It is likely that only priority groups will receive RRF funding with the RRF appropriation from Congress. Per the American Rescue Plan Act, the SBA could only consider applications from women-, veteran- and socially and economically disadvantaged owned eligible applicants during the first 21 days of the program.
  • Nearly 38,000 establishments have already been approved for more than $6 billion.

Additionally, the SBA has received the following from designated priority groups in the first 14 days of the application period:

  • 12,898 applications from businesses with not more than $50,000 in pre-pandemic revenue requesting approximately $290 million in funds
  • 73,671 applications from businesses with not more than $500,000 in annual pre-pandemic revenue requesting $6.1 billion in funds
  • 34,010 applications from businesses with $500,000 – $1,500,000 in annual pre-pandemic revenue requesting $8.4 billion in funds

For those interested in applying to the Restaurant Revitalization Fund, visit sba.gov/restaurants.

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