WASHINGTON, D.C. — 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.
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 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.