The U.S. Small Business Administration (SBA) has begun delivering economic relief from the Restaurant Revitalization Fund (RRF) to more than 16,000 approved applicants. This first round of funding represents more than $2 billion of relief awarded since the program opened on May 3.
Under the 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. The SBA has streamlined the application process by partnering with point-of-sale vendors to provide seamless ways to apply.
Following the 21-day priority period, all eligible applications will be funded in the order in which they have been received. While the SBA will continue accepting applications from any eligible establishment until funds are exhausted, the number of applications received so far could exhaust the funds authorized to fund the RRF. Interested onsite food establishments may still apply through SBA-recognized POS vendors or directly via the
SBA online application portal.
