The U.S. Small Business Administration (SBA) announced the closure of the Restaurant Revitalization Fund after awarding more than $28.6 billion in relief. The program put in place by the American Rescue Plan Act of 2021 was targeted at helping small restaurants and bars that endured hardships during the pandemic.
As of June 30, 2021, the program received more than 278,000 submitted eligible applications representing over $72.2 billion in requested funds. Underserved populations received approximately $18 billion in grant awards, while the remainder of the $28.6 billion was awarded to eligible applicants not identified as part of an underserved group.
The Restaurant Revitalization Fund application platform will remain open until July 14, 2021 to allow applicants to check their status, address payment corrections or ask questions.
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