SBA Launches $28.6 Billion Restaurant Revitalization Fund

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  • The Small Business Administration’s Restaurant Revitalization Fund opened its portal Monday, allowing hard-hit restaurants, bars, food trucks and more to apply for $28.6 billion in grants of up to $10 million per business.
  • The SBA said general funding for the PPP program has been exhausted and is closed to most new applicants.
  • The new aid program comes as restaurants look to hire back workers and face the need to pay higher wages. The SBA said there was “extremely high demand” for the program.
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After a year of unthinkable challenges for the restaurant industry, targeted aid is on its way.

The Small Business Administration’s Restaurant Revitalization Fund opened its portal Monday, allowing hard-hit restaurants, bars, food trucks and more to apply for $28.6 billion in grants, and it’s already seeing robust demand.

The White House released a fact sheet Wednesday that said in its first two days 186,200 restaurants, bars, and other eligible businesses across the country applied for relief.

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For the first three weeks, small businesses owned by women, veterans and the socially and economically disadvantaged have priority in application processing. According to the White House, 97,600 applications were from eligible businesses in these groups. Also, more than 61,000 applications were made by businesses with less than $500,000 in annual pre-pandemic revenue, meaning some of the smallest restaurants and bars in America are seeking relief.

www.cnbc.com/2021/05/05/restaurant-revitalization-fund-opens-28-billion-in-grants-up-for-grabs.html

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