The U.S. Small Business Administration has already received 186,200 Restaurant Revitalization Fund applications from all 50 states, plus Washington D.C. and five U.S. territories within the first 48 hours the application portal has opened, according to the White House.
About one-third of applications (61,700) came from businesses with under $500,000 in pre-pandemic reported revenue. The SBA has set aside $9.5 billion for the smallest restaurants and bars with under $50,000 in revenue.
More than half of all applications (97,600) came from women (46,400), veterans (4,200), socially or economically individuals (30,800), or some combination of all three (16,200). For the first 21 days of the program, the SBA will prioritize women, veterans, and socially and economically disadvantaged individuals. Following the first 21 days, funds will be distributed on a first-come, first-serve basis.
According to one early applicant — Dina Samson, owner of Rossoblu and Superfine pizza in Los Angeles — the process for applying for the RRF grants was much easier and more straightforward than the first round of PPP loan applications.
For operators that have not yet applied for the Restaurant Revitalization Fund grant, the latest information on how and where to apply is here and here is what a sample application looks like.
Contact Joanna at [email protected]
Find her on Twitter: @JoannaFantozzi
