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SBA: Businesses Have Until May 24 to Apply for Restaurant Revitalization Fund Grants

  • U.S. Small Business Administration establishes deadline for Restaurant Revitalization Fund
  • Eligible food and beverage businesses have until 8 p.m. on Monday to apply
  • More than $220 million remains available to businesses with 2019 gross receipts of $50,000 or less

Summary by Dirk Langeveld

Restaurants, bars, and other businesses in the food and beverage industry have until 8 p.m. on Monday to submit an application for Restaurant Revitalization Fund grants.

The U.S. Small Business Administration established the deadline just over two weeks after the program opened. The Restaurant Revitalization Fund, which offers grants based on eligible businesses’ revenue losses during COVID-19, was established under the American Rescue Plan with $28.6 billion in funding. To date, it has received 303,000 applications requesting more than $69 billion.

  • Applications have been limited to businesses with 2019 gross receipts of $50,000 or less
  • Program includes $5 billion set aside for applicants with 2019 gross receipts of $500,000 or less, and SBA funding allocation creates additional set-aside of $500 million for businesses with gross receipts of $50,000 or less
  • The SBA has received 12,898 applications from these businesses requesting more $290 million, and more than $220 million in funding remains available in this set-aside
  • The SBA has aimed to quickly approve Restaurant Revitalization Fund applications, and has green-lighted more than $6 billion for nearly 38,000 applicants
  • Fifty-seven percent of applications came from women, veterans, and socially and economically disadvantaged business owners, who receive priority in application reviews

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