- SBA set to deliver first awards through its Restaurant Revitalization Fund, just over a week after the program’s debut
- Some businesses will receive funds as early as today
- SBA will continue taking applications, but the program has been popular enough that current applicants will likely exhaust available funding
Summary by Dirk Langeveld
The U.S. Small Business Administration is rapidly rolling out awards in its Restaurant Revitalization Fund grant program, which provides assistance for food and beverage businesses that have suffered serious revenue losses during the COVID-19 pandemic.
The SBA said it will begin delivering funding to more than 16,000 businesses totaling over $2 billion. The awards to approved applicants are being sent out just over a week after the program opened to applications.
- Approved applicants may receive funding as early as today
- SBA has a 21-day priority period focusing on aid for businesses owned women, veterans, and socially and economically disadvantaged individuals
- Eligible applications will be funded on a first come, first serve basis after this priority period
- Businesses can choose from three different calculation methods to determine their grant and receive up to $5 million per individual location, capped at $10 million for an applicant and their affiliates
- SBA warns that while it will continue accepting applications until funding is exhausted, the sheer number of applications received so far could outstrip available money
- $28.6 billion was provided for the program under the American Rescue Plan
