WASHINGTON, D.C. (WWTI) — Upon closure of the Restaurant Revitalization Fund, businesses across the country were awarded over $28 billion.
On July 2, U.S. Small Business Administrator Isabel Guzman announced the closure of the Restaurant Revitalization Fund program, confirming that over 100,000 businesses were supported.
“The $28.6 billion Restaurant Revitalization Fund provided desperately needed relief to more than 100,000 restaurants and other food and beverage businesses across the nation with significant funding going to our hardest-hit, underserved businesses,” said Guzman. “Restaurants are at the center of our neighborhoods and propel economic activity on Main Streets. As among the first to close in this pandemic and likely the last to reopen, many are still struggling to survive.”
According to the SBA, as of June 30, 2021, the program received over 278,000 eligible applications which represented over $72.2 billion in requested funds. As of July 1, approximately 101,000 applicants have been approved to restaurants, bars and other restaurant type businesses.
Of these applications, underserved populations received approximately $18 billion in grant awards. This included:
- Women-Owned businesses ~ $7.5 billion
- Veteran-Owned businesses ~ $1 billion
- Social and economically disadvantaged-Owned businesses ~ $6.7 billion
- Businesses Owned by Representatives of Multiple Underserved Populations ~ $2.8 billion
The Restaurant Revitalization Fund application platform will remain open for the next two weeks to allow applicants to check their status, address payment corrections, or ask questions. The SBA will disable access to the platform on July 14, 2021.