WASHINGTON, D.C. (WWTI) — Restaurants and eligible businesses are already receiving support from the Restaurant Revitalization Fund.
The U.S. Small Business Administration began awarding funding from the Restaurant Revitalization Fund in the first week of May. The fund, established by the American Rescue Plan, within the first week has delivered economic relief to over 16,000 approved applicants.
According to the SBA, the first wave of funding represents over $2 billion since the program launch and restaurants and other food beverage businesses across the country will begin to see funds in their bank accounts as early as May 11, 2021.
“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.”
Under the Restaurant Revilatlization Fund, restaurants are eligible for funding equal to pandemic-related revenue losses, with a maximum of $10 million per business and $5 million per location.
The SBA is currently prioritizing applications from businesses owned and controlled by women, veterans and socially and economically disadvantaged individuals for the first 21-days of the program.
Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.
The Small Business Administration confirmed that it will continue to fund approved applications until all funds have been exhausted.