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SBA data confirms that the current Restaurant Revitalization Fund can’t meet demand

The SBA has already received requests for $8.14 billion from businesses with under $500,000 in revenues (far surpassing the $5 billion set aside for this group)

According to the latest data from the Small Business Administration, they have already received 147,000 applications from priority groups (for the first 21 days, women, veterans, and people in socially and economically disadvantaged groups are being prioritized), requesting a total of $29 billion in funds.

While initially President Biden estimated that about 100,000 businesses would be able to be helped in this first wave of funding, this group of 147,000 applicants has requested just over the initial $28.6 billion in the Restaurant Revitalization Fund.  Overall, the SBA has received 266,000 applications representing over $65 billion in requested funds, more than twice the amount that is currently available.

Thus far, the SBA has also received:

  • 13,114 applicants with pre-pandemic revenues under $50,000 requesting $330 million in funding (out of a total of $500 million set aside for this group)
  • 100,414 applicants requesting a total of $8.14 billion from businesses with under $500,000 in pre-pandemic revenues (far surpassing the $5 billion set aside by Congress for this group
  • 61,535 applicants requesting $15.1 billion in funds from businesses between $500,000-$1.5 million in 2019 revenues (far surpassing the $4 billion set aside by Congress).
  • Applications from 76,183 women business owners, 6,093 veteran business owners, and 42,284 economically and socially disadvantaged people.

For more insight on how the Restaurant Revitalization Fund demand has already far surpassed available funds read more at Restaurant Hospitality.

Contact Joanna at [email protected]

Find her on Twitter: @JoannaFantozzi

 

May 12, 2021
Joanna Fantozzi

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