SBA: 16,000 Restaurant Revitalization Fund Awards in First Week of Program
SAN JUAN – The U.S. Small Business Administration has begun delivering economic relief from the $28.6 billion Restaurant Revitalization Fund established by the American Rescue Plan Act (ARPA) to more than 16,000 approved applicants.
The first wave of funding represents more than $2 billion in awarded relief since last week’s “successful program launch on Monday, May 3,” the agency said in a media release Tuesday, adding that “restaurants and other food and beverage businesses will begin to see funds in bank accounts as early as today, May 11.”
Under RRF, restaurants are eligible for funding equal to their pandemic-related revenue losses, capped at $10 million per business and $5 million per location, the SBA explained, adding that it will continue to fund approved applications until all funds have been exhausted.
“SBA has prioritized a customer-centric approach to the delivery of economic aid, eliminating cumbersome application requirements, streamlining the application process, and by partnering with point-of-sale (POS) vendors to provide seamless ways to apply to the Restaurant Revitalization Fund,” the release reads.
Following the 21-day priority period, established by law in ARPA, all eligible applications will be funded in the order in which they have been received.
“While the SBA will continue accepting applications from any eligible establishment until funds are exhausted, the number of applications received so far could exhaust the funds authorized to fund the RRF. Interested onsite food establishments may still apply through SBA-recognized POS vendors or directly via the SBA online application portal: https://restaurants.sba.gov,” the agency added.
“We know that this help is urgently needed by so many who have suffered disproportionately from this pandemic and have often been unable to access relief,” said SBA Administrator Isabella Casillas Guzman. “Restaurants are the core of our neighborhoods and propel economic activity on Main Streets across the nation. The SBA is here to help them build resilience to survive this pandemic as we get our economy back on track.”