SBA Hot Topic Tuesday – Restaurant Revitalization Fund to Distribute $83 Million
November 29, 2022
Delaney Sexton
Contributing Editor
SBA Hot Topic Tuesday – Restaurant Revitalization Fund to Distribute $83 Million
“This week, the U.S. Small Business Administration (SBA) began distribution of returned funding in the Restaurant Revitalization Fund (RRF) program, following the program’s closure in June 2021. In doing so, the SBA worked with the advice of the Department of Justice on a plan to distribute the remaining funds, approximately $83 million. The SBA has contacted the recipients of the awards. In addition to other SBA assistance programs, the RRF has helped more than 100,000 restaurants and other food and beverage business owners survive the pandemic. The SBA and the Biden-Harris Administration are committed to help struggling restaurants get back to business with currently available products and resources,” says the SBA in a press release.
When the Restaurant Revitalization Fund opened, the SBA received over 266,000 applications requesting more than $65 billion when the program only had a $28.6 billion authorization. The application portal eventually was closed to applicants with revenues of over, and applicants with revenues of up to $50,000 could continue applying since the budget authority for these applicants was not exhausted.
A week before the portal closed, the RRF received more than 372,000 applications asking for over $76 billion. At the time, the SBA had distributed $16 billion of the $28.6 billion. By the end of the program, $18 billion of the disbursed funds went to underserved markets.
In April of this year, the House passed a bill, the Restaurant Revitalization Fund Replenishment Act of 2021, that would have provided an additional $42 billion to the program and prioritized applicants who did not receive an award. A bill in the Senate also attempted to replenish the RRG with $40 billion, but the bill failed.