Nearly 200,000 Restaurant Revitalization Fund applications received in first two days: SBA
Over half of applications received from targeted disadvantaged groups, women, minorities
The Small Business Administration reported that in the first two days of receiving applications for the Restaurant Revitalization Fund, there was an incredible amount of interest evident. A total of 186,200 applications came from all 50 of the United States, Washington, DC and five US Territories.
In addition, over half of those Restaurant Revitalization Fund (RRF) applications (97,600) came from restaurants, bars and other eligible foodservice businesses that were owned and controlled by women, (46,400), veterans (4,200), socially and economically disadvantaged individuals (30,800), or some combination of the three (16,200).
Notably, the grant applications also reflect requests received from some of the smallest restaurants and bars in the US. A total of 61,700 applications came from businesses with under $500,000 in annual pre-pandemic revenue.
Small Business Administration (SBA) Administrator Isabella Casillas Guzman, commented, “As directed by Congress, we’re prioritizing historically underserved communities and smaller businesses to ensure this relief is going to those who need it the most. At the SBA, we know that our nation’s restaurants help propel our economy and sustain our neighborhoods and communities, and we will continue to work hard to ensure they get the resources they need to recover, rebuild and become resilient.”
All restaurant, bars and related, eligible foodservice businesses seeking relief from the grant funds should apply at this time. The SBA will prioritize applications from eligible businesses owned and controlled by women, veterans and socially- and economically-disadvantaged groups for the first 21 days; however it’s important for all restaurant operators to get into the queue.
Another way the SBA increased access to the application process was through the use of participating point-of-sale (POS) providers, who can interface directly with the RRF web application. Restaurant operators can use partner POS companies to both register and apply for the grant funds.
Congress sought the equitable distribution of RRF relief. Thus, $9.5 billion in set-asides were established, including millions of dollars for restaurants, bars, and food trucks with under $50,000 in revenue.
With the signing of the American Rescue Plan, restaurant operators will get much-needed support for their operations, according to the National Restaurant Association. Part of the Act, signed into law by President Joe Biden, includes the RRF, bringing $28.6B to the table to help the restaurant industry, which has seen a loss of $255B in sales and 110,000 restaurant closures
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