SBA Shutting Down Restaurant Revitalization Fund
The clock is ticking for restaurants to get help from the federal government.
The U.S. Small Business Administration (SBA) is closing out the Restaurant Revitalization Fund. The American Rescue Plan provided additional money for small restaurants across the nation, but the demand has been overwhelming.
The SBA got more than 370,000 applications from restaurant owners across the United States. Funds were allocated to more than 105,000 restaurants. Nearly $29 billion dollars were awarded. The SBA reports the program supported 3,777 small restaurants with gross receipts of less than $50,000 in 2019.
But not all qualified restaurants got money through this program. The SBA says applicants who have not received funding could still get help if Congress approves additional funds.
The Restaurant Revitalization Fund portal will stay open until July 14. Applicants can check the status of their request or ask questions.
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