The SBA Funds 16,000 Restaurant Revitalization Fund Awards
Summary
SBA news release 21-35, published May 10, 2021 by the Office of Communications. It announces that the SBA will begin delivering Restaurant Revitalization Fund relief, established by the American Rescue Plan, to more than 16,000 approved applicants, a first round of over $2 billion awarded since the program's launch the previous Monday. The release says restaurants and other food and beverage businesses may see funds as early as Tuesday, May 11, and quotes SBA Administrator Isabella Casillas Guzman on the $28.6 billion fund.
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Archived news release 21-35 The SBA Funds 16,000 Restaurant Revitalization Fund Awards Published on May 10, 2021 by Office of Communications WASHINGTON – Today, the U.S. Small Business Administration will begin delivering economic relief from the Restaurant Revitalization Fund, established by the American Rescue Plan and signed into law by President Joe Biden, to more than 16,000 approved applicants. This first round of funding represents over $2 billion of relief awarded since last Monday’s successful program launch. Restaurants and other food and beverage businesses across the nation will begin to see funds in bank accounts as early as Tuesday, May 11. “Just one week after launching the $28.6 billion Restaurant Revitalization Fund, I am pleased to officially report that the SBA has begun to fund applications and that more than 16,000 restaurants and other food and beverage business owners will get much-needed relief in their hands,” said SBA Administrator Isabella Casillas Guzman. “We know that this help is urgently needed by so many who have suffered disproportionately from this pandemic and have often been unable to access relief. Restaurants are the core of our neighborhoods and propel economic activity on Main Streets across the nation. The SBA is here to help them build resilience to survive this pandemic as we get our economy back on track.” Under RRF, restaurants are eligible for funding equal to their pandemic-related revenue losses, capped at $10 million per business and $5 million per location. The SBA will continue to fund approved applications until all funds have been exhausted. SBA has prioritized a customer-centric approach to the delivery of economic aid, eliminating cumbersome application requirements, streamlining the application process, and by partnering with point-of-sale (POS) vendors to provide seamless ways to apply to the Restaurant Revitalization Fund. Following the 21-day priority period, all eligible applications will be funded in the order in which they have been received. While the SBA will continue accepting applications from any eligible establishment until funds are exhausted, the number of applications received so far could exhaust the funds authorized to fund the RRF. Interested onsite food establishments may still apply through SBA-recognized POS vendors or directly via the SBA online application portal: https://restaurants.sba.gov . ### About the U.S. Small Business Administration The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov . Related programs: Disaster, RRF Media contacts U.S. Small Business Administration Email Press_Office@sba.gov
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