WASHINGTON, D.C. (WWTI) — The first day and a half of the U.S. Small Business Administration’s Restaurant Revitalization Fund saw a need for support.
According to the SBA, in the first 36 hours, 186,200 restaurants, bars and other eligible businesses applied for the program. Additionally, more than half of the applicants were businesses owned by women, veterans or individuals from historically disadvantaged backgrounds.
A breakdown of applicants is listed below:
- 97,600 applications from women-owned businesses
- 46,4000 applications from veteran-owned businesses
- 30,8000 applications from those who are historically socially and economically disadvantaged
- 16,2000 a combination of the three
The SBA also reported that 61,700 applications were sent in from businesses with under $500,000 in annual pre-pandemic revenue. This represents some of the smallest restaurants and bars, the SBA stated.
The Fund was first established through the American Rescue Plan. The fund is set to award $28.6 billion to bars, restaurants, food trucks and other food/drinking establishments.
Through the fund, establishments are eligible for grants equal to their pandemic-related revenue loss, with a maximum of $10 million per business and $5 million per location.
The Restaurant Revitalization Fund was first launched on May 3 at noon after opening the portal to registrations on April 30, 2021.
All businesses can now apply for the funding; but for the first 21 days, the SBA is prioritizing applications from small businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals.
Applications will be funded on a first-come, first-served basis.