- U.S. Small Business Administration releases data on its Restaurant Revitalization Fund
- About 101,000 businesses in the food and beverage industry received $28.6 billion, with an average grant of $283,000
- Demand on the program far exceeded available funding, and a proposal before Congress seeks to fully fund all eligible applications
Summary by Dirk Langeveld
The U.S. Small Business Administration has released data on its Restaurant Revitalization Fund after the popular grant program closed to applications and distributed awards.
Demand on the program far outstripped the $28.6 billion appropriated through the American Rescue Plan to assist restaurants, bars, and other businesses in the food and beverage industry, which suffered major losses during the COVID-19 pandemic. The SBA received more than 278,000 applications requesting in excess of $72.2 billion, and issued awards to about 101,000 businesses with an average grant of $283,000.
- $18 billion went to underserved populations, including about $7.5 billion to women-owned businesses, $6.7 billion to socially and economically disadvantaged business owners, $2.8 billion to businesses owned by multiple underserved populations, and $1 billion to veteran-owned businesses
- More than one in four recipients (27.2 percent) received a grant of $350,000 to $1 million, while just over one in five (21.2 percent) received between $150,000 and $350,000
- 4.6 percent received an award of $5 million to $10 million, while 2.2 percent received $50,000 or less
- The SBA is keeping the program’s portal open until July 14 to allow applicants to check their status, make payment corrections, and ask questions
- A bill introduced in Congress seeks to add $60 billion to the Restaurant Revitalization Fund to fund all eligible grant requests
