skip to Main Content
MSJ NEWS see latest news

SBA Says It Has Received More Than 186,000 Restaurant Revitalization Fund Applications

  • More than 186,000 businesses applied for the Restaurant Revitalization Fund in the first two days it was open
  • More than half of the applicants are underserved businesses whose applications will be prioritized in the program’s first 21 days
  • SBA says the average applicant can expect a 14-day waiting period between submission and funds distribution

Summary by Dirk Langeveld

The Restaurant Revitalization Fund has seen strong initial demand, according to data released by the U.S. Small Business Administration. The $28.6 billion grant program was established under the American Rescue Plan to provide targeted aid to businesses in the food and beverage industry, many of which have suffered major revenue losses due to the COVID-19 pandemic.

  • The SBA received 186,200 applications for the program in the first two days it was open
  • More than half of the applications came from underserved business communities that will be prioritized in the first 21 days the program is open
  • These applications included 46,400 women, 30,800 socially or economically disadvantaged business owners, 4,200 veterans, and 16,200 applications from some combination of the three
  • 61,700 applications came from businesses whose annual revenues before the pandemic were less than $500,000
  • Processing, review, approval, and funds distribution will take 14 days for the average applicant
  • The White House released further data on how other SBA relief programs have assisted restaurants and bars
  • An estimated 110,000 restaurants and bars closed in the United States in 2020

Spread the Word

More To Explore

Expert Summaries

Know Your Competitors

By Denis Jakuc 

There are tons of benefits to knowing who your competitors are—what they’re offering, their strengths and weaknesses. That knowledge can help you make your products and services stand out,

Latest News

Join with Free InnovatorsLINK Account

Start accessing all the free member benefits and valuable content on the InnovatorsLINK platform. Create a BizLINK listing to boost brand exposure, receive the weekly Main Street Journal newsletter, engage in forums, get full access to free content, and more.