Eligible eating establishments have until Monday, May 24 at 8 p.m. to submit applications to the Restaurant Revitalization Fund, the SBA announced on Tuesday.
The $28.6 billion Restaurant Revitalization Fund signed into law by President Joe Biden established an initial $5 billion set-aside established by Congress for applicants with gross receipts not more than $500,000.
To further ensure an equitable distribution of funds, the SBA created two additional funding allocations in an effort to ensure small restaurants and other eating establishments have equitable access: $500 million for applicants with 2019 gross receipts not more than $50,000, and $4 billion for applicants with 2019 gross receipts between $500,000 and $1,500,000.
To date, the program has received more than 303,000 applications representing over $69 billion in requested funds, and nearly 38,000 applicants have been approved for more than $6 billion, according to the SBA. In addition, of the overall submitted applications, 57% came from women, veterans and socially and economically disadvantaged business owners.
For more information or to apply for the Restaurant Revitalization Fund, visit the SBA website.