SBA Offers Restaurant Revitalization Fund Update

More than 186,000 applications from restaurants and other food and beverage businesses have been received since the May 3 launch of the Restaurant Revitalization Fund, acording to the Small Business Administration (SBA).The $28.6 billion program, signed into law by President Joe Biden as part of the American Rescue Plan, provides economic aid to restaurants and other establishments struggling to make ends meet as a result of the pandemic. 

In the first two days of the RRF application window, the SBA has received: 

186,200 applications from restaurants, bars, and other eligible businesses in all 50 states, Washington, D.C., and five U.S. Territories.  97,600 applications of which came from restaurants, bars, and other eligible businesses owned and controlled by women (46,400), veterans (4,200), socially and economically disadvantaged individuals (30,800), or some combination of the three (16,200).  61,700 applications from businesses with under $500,000 in annual pre-pandemic…