Restaurant Revitalization Fund Application Period Ends Monday

Hard-hit foodservice businesses with less than 20 locations are eligible to apply for the Restaurant Revitalization Fund. Photo by Kelly Sikkema on Unsplash
Hard-hit foodservice businesses with less than 20 locations are eligible to apply for the Restaurant Revitalization Fund. Photo by Kelly Sikkema on Unsplash

The $28.6 billion Restaurant Revitalization Fund will stop accepting applications at 8 p.m. EST on Monday, May 24—exactly three weeks after it began accepting them, the U.S. Small Business Administration announced today.

To date, the SBA has received more than 303,000 applications requesting a cumulative $69 billion. While many applications remain in limbo, 38,000 applicants have already been approved for a total of $6 billion in aid.

The fund prioritizes small foodservice establishments owned by women, veterans and those who are socially or economically disadvantaged for the first 21 days; so far, the SBA said, 57 percent of applicants fell within one of those categories. The largest portion of those priority applicants (122,000) were female business owners, followed by 71,000 economically and socially disadvantaged individuals.

The fund also set aside $5 billion for applicants with gross receipts less than $500,000, and SBA Administrator Isabella Casillas Guzman created allocations of $500 million for applicants with 2019 gross receipts not more than $50,000, and $4 billion for applicants with 2019 gross receipts between $500,000- $1.5 million.

In that vein, the SBA has received:

  • 12,898 applications from businesses with less than $50,000 in pre-pandemic revenue requesting $290 million in funds
  • 73,671 applications from businesses with less than $500,000 in annual pre-pandemic revenue requesting $6.1 billion in funds
  • 34,010 applications from businesses with $500,000-$1.5 million in annual pre-pandemic revenue requesting $8.4 billion in funds

The National Restaurant Association, meanwhile, continues to call for expanded support for restaurants. Currently, it is circulating a petition urging policymakers to consider additional funding. As of press time, the petition had 14,745 signatures.

While the current $28.6 billion fund will no doubt fall short of the existing need among restaurateurs, Guzman has said that eligible businesses should apply in order to provide an accurate picture for lawmakers.

“If the funding runs out before your application is processed, you will be counted and this information will be shared with Congress,” Guzman said during an April webinar. “Your application is your voice in this case; it’s your chance to let our policymakers know what support is needed.”

For more information on the fund, or to apply, visit sba.gov/restaurants.

RELATED CONTENT

Blake Carpenter Unsplash 1200x800 1

Vaccine Mandate Goes into Effect Jan. 4

Long-awaited details about the federal COVID-19 vaccine mandate that affects businesses with 100 employees or more are finally out.

Untitled design 5 1

Restaurant Association Urges Mayors To Assist Operators in Offering Outdoor Dining

The National Restaurant Association is calling on mayors to help local businesses by allowing them to offer outdoor dining for as long as possible.

- Advertisement -

- Advertisement -

- Advertisement -

TRENDING NOW

- Advertisement -

- Advertisement -