The federal Restaurant Revitalization Fund has received more than 147,000 applications from women, veterans and socially and economically disadvantaged business owners requesting a relief funds. To date, $2.7 billion in relief funds have been distributed to 21,000 restaurants since the RRF opened on May 3.
Established under the American Rescue Plan and signed into law by President Joe Biden on March 11, the RRF provides a total of $28.6 billion in direct relief funds to restaurants and other food establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic.
In addition to a $5 billion set-aside established by Congress for applicants with gross receipts not more than $500,000, the U.S. Small Business Administration created two additional funding allocations to ensure the smallest of the small restaurants and other eating establishments such as food trucks and carts get the aid needed: 1) $500 million for applicants with 2019 gross receipts less than $50,000; and 2) $4 billion for applicants with 2019 gross receipts between $500,000 and $1,500,000.
Because SBA still has potential funding available for eligible establishments with 2019 annual revenue of not more than $50,000, the application portal will remain open.
For more information, visit sba.gov/restaurants.
In addition, the SBA reopen the Shuttered Venue Operators Grant application portal for operators of live venues, live performing arts organizations, museums and movie theaters, and live venue promoters, theatrical producers and talent representatives to apply for critical economic relief. Visit www.svograntportal.sba.gov.