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SBA accepting applications for the Restaurant Revitalization Fund

Applications opened May 3
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Posted at 5:35 PM, May 08, 2021
and last updated 2021-05-18 19:46:59-04

TUCSON, Ariz. (KGUN) — The U.S. Small Business Administration on Monday began accepting applications for the Restaurant Revitalization Fund.

In March, President Joe Biden signed the $1.9 trillion American Rescue Plan Act with $28.6 billion in restaurant relief into law. It provides emergency aid to restaurants, bars and other businesses experiencing financial hardships due to the COVID-19 pandemic, helping them stay afloat.

Since applications opened, the SBA has received nearly 186,200 applications from restaurants, bars, and other businesses across the nation, according to the SBA. Applicant recipients will not need to repay the funds if they are being used for qualified operations no later than March 11, 2023. To apply for RRF, visit here. Restaurant establishments have until Monday, May 24, (8 p.m. ET) to submit applications.

According to the SBA, also being offered, are Paycheck Protection Program loans created only by participating community financial institutions that include Certified Development Companies, SBA Microlenders, Community Development Financial Institutions, and Minority Depository Institutions through May 31, 2021. For more information on PPP loans, click here.