The U.S. Small Business Administration (SBA) is announcing the closure of the Restaurant Revitalization Fund. Through the American Rescue Plan Act, the SBA launched the Restaurant Revitalization Fund to provide funding to help restaurants and other eligible businesses keep their doors open. SBA received over 370,000 applications from restaurant owners across the United States.
The program provided critical funding to over 105,000 restaurants representing $28.6 billion dollars. The program supported 3,777 small restaurants with gross receipts of less than $50,000 in 2019.
Due to overwhelming demand, the SBA was unable to fund all qualified applications with the original appropriation provided in the American Rescue Plan Act. Those applicants who have not received funding as of this email will have their applications held within the application platform to allow for processing in the order received if additional funds are provided by Congress.
The Restaurant Revitalization Fund application platform will remain open for the next two weeks to allow applicants to check their status, address payment corrections, or ask questions. The SBA will disable access to the platform on July 14, 2021.
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