On July 2, the U.S Small Business Administration announced the closure of the Restaurant Revitalization Fund (RRF) program, passed by Congress as part of the American Rescue Plan. The program provided economic aid to restaurants and other establishments that suffered losses during the COVID-19 pandemic.
“The SBA Utah District Office has had the pleasure of working closely with our resource partners at the Small Business Development Centers and the Women’s Business Centers to ensure restaurant owners were prepared to apply for this much-needed relief,” said Marla Trollan, SBA Utah District director.
Trollan said that 507 Utah restaurants received over $122 million under the plan.
“For restaurants or other businesses that were not able to receive this assistance, we recommend they consider the Economic Injury Disaster Loans as funds are still available,” Trollan said.
“The $28.6 billion Restaurant Revitalization Fund provided desperately needed relief to more than 100,000 restaurants and other food and beverage businesses across the nation with significant funding going to our hardest-hit, underserved businesses,” said SBA Administrator Isabel Guzman. “Restaurants are at the center of our neighborhoods and propel economic activity on Main Streets. As among the first to close in this pandemic and likely the last to reopen, many are still struggling to survive. The SBA will continue to work hard to ensure they get the resources they need to recover, rebuild and be resilient.”
By the end of June, the RRF program received more than 278,000 submitted eligible applications representing over $72.2 billion in requested funds. Approximately 101,000 applicants were approved to restaurants, bars and other restaurant-type businesses. Underserved populations received approximately $18 billion in grant money.
Guzman said the average size of grant awards to applicants was $283,000.