The Small Business Administration (SBA) announced that eligible eating establishments have until Monday, May 24, 8 p.m. ET, to submit applications to the Restaurant Revitalization Fund. 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.
“If our nation’s food and beverage industry is going to fully recover, we must ensure as many of the hardest-hit businesses get the economic aid they need,” said Administrator Casillas Guzman. “We are committed to creating easy to navigate programs and removing barriers that have kept many of our nation’s smallest businesses from accessing these crucial economic lifelines.”
To further ensure an equitable distribution of funds, the SBA created two additional funding allocations to ensure the smallest of the small restaurants and other eating establishments have equitable access: 1) $500 million for applicants with 2019 gross receipts not more than $50,000, and 2) $4 billion for applicants with 2019 gross receipts between $500,000 and $1,500,000.
For businesses interested in applying to the Restaurant Revitalization Fund, visit sba.gov/restaurants.