Restaurant Revitalization Fund End Date Has Been Announced
SBA’s administrator Isabella Casillas Guzman recently announced that the SBA will stop taking Restaurant Revitalization Fund applications on May 24, 2021, at 8:00 p.m. ET. According to the SBA’s press release, they have received over 303,000 applications that account for over $69 billion in requested funds. To date, nearly 38,000 applicants have been approved for more than $6 billion of the available $28.6 billion in RRF funds.
The Restaurant Revitalization Fund was created to give restaurants and other hospitality-related businesses the financial assistance that they need to get through this world-wide pandemic. To ensure all types of restaurant owners receive funding, including smaller establishments and minority-owned businesses, funding allocations were created for these applicants.
- $500 million was set aside for applicants with 2019 gross receipts not more than $50,000
- $4 billion was set aside for applicants with 2019 gross receipts between $500,000 and $1,500,000.
Currently, the SBA has received applications from the following priority groups:
- 12,898 applications from businesses with not more than $50,000 in pre-pandemic revenue requesting $290 million in funds
- 73,671 applications from businesses with not more than $500,000 in annual pre-pandemic revenue requesting $6.1 billion in funds
- 34,010 applications from businesses with $500,000 – $1,500,000 in annual pre-pandemic revenue requesting $8.4 billion in funds
The SBA is committed to giving all funding it can to the smaller establishments, so it is going to continue to accept applications for eligible businesses with 2019 annual revenue of not more than $50,000 until May 24, 8 p.m. ET. This fund currently has $220 million of the $500 million in funds remaining to date. While this is the only group that has funding available, the SBA is still encouraging all eligible establishments to apply until the May 24th deadline.