SBA Announces Closure of Restaurant Revitalization Fund Program
The U.S. Small Business Administration recently announced the closure of its Restaurant Revitalization Fund (RRF) program, signed into law by President Joe Biden as part of the American Rescue Plan. The $28.6 billion program provided much needed economic aid to restaurants and other establishments struggling to make ends meet as a result of the pandemic.
As of June 30, the RRF program received more than 278,000 submitted eligible applications representing over $72.2 billion in requested funds, and approximately 101,000 applicants have been approved. Underserved populations received approximately $18 billion in grant awards including $7.5 billion to women-owned businesses, $1 billion to veteran-owned businesses and $6.7 billion to businesses with owners identified as socially and economically disadvantaged. The remainder of the $28.6 billion was awarded to eligible applicants not identified as part of an underserved group.
As outlined by Congress, restaurants and bars were eligible for economic aid equal to their pandemic-related revenue loss, with a cap of $10 million per business and $5 million per location. The funds were available for certain eligible uses, like payroll and rent.
The RRF application platform will remain open until July 14 to allow applicants to check their status, address payment corrections or ask questions.