The Small Business Administration kicked off its Restaurant Revitalization Fund grant program this week. On day one, Monday, it delivered more than $2 billion in grants to more than 16,000 applicants.
The SBA said approved grant recipients could see the money in their accounts are early as the next day. But don’t wait to apply, because the money could go quickly.
“We know that this help is urgently needed by so many who have suffered disproportionately from this pandemic and have often been unable to access relief,” said SBA Administrator Isabella Casillas Guzman in a press release announcing the awards. “Restaurants are the core of our neighborhoods and propel economic activity on Main Streets across the nation. The SBA is here to help them build resilience to survive this pandemic as we get our economy back on track.”
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 by partnering with point-of-sale (POS) vendors to provide seamless ways to apply to the Restaurant Revitalization Fund.