Home News COVID-19 Situation Federal restaurant relief fund closes Monday

Federal restaurant relief fund closes Monday

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The Restaurant Revitalization Fund has received more than $69 billion in funding requests during the past two weeks, with $6 billion already approved, according to information released Tuesday by the U.S. Small Business Administration.

SBA Administrator Isabella Casillas Guzman also reminded eligible businesses that they have until Monday at 8 p.m. Eastern Time (6 p.m. Central Time) to submit funding applications.

The $28.6 billion fund was created as part of the federal American Rescue Plan, signed into law in March. Some of the money has been reserved for smaller businesses, and about $220 million of the $500 million set aside for businesses with $50,000 or less in 2019 revenues has not yet been requested.

So far, a total of 303,000 applications have been received, with 57% of those businesses owned by women, veterans or socially or economically disadvantaged individuals. The SBA has approved 38,000 applications.

Of those who applied,12,898 applications are from businesses with not more than $50,000 in pre-pandemic revenues requesting $290 million. Another 73,671 applications are from businesses with not more than $500,000 in revenues requesting $6.1 billion. In addition, 34,010 applications are from businesses with $500,000 to $1.5 million in annual pre-pandemic revenues requesting $8.4 billion.

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While all eligible businesses can apply by Monday, it is the money set aside for the small operators that still has not been fully requested. Establishments can apply through SBA-recognized point-of-sale vendors or directly via the SBA online application portal. More information about the program and the link to the application portal is available at www.sba.gov/restaurants.

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