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

Federal restaurant relief fund closes Monday


Copyright © 2021 Roswell Daily Record

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.

Support Local Journalism
Subscribe to the Roswell Daily Record today.

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.

Previous articleCecilia Torres
Next articleThe Caps for Benches project continues …