The Restaurant Revitalization Fund has received more than 147,000 applications from women, veterans, and socially and economically disadvantaged business owners, requesting a total of $29 billion in relief funds. To date, a total of $2.7 billion of relief funds have been distributed to 21,000 restaurants since the Restaurant Revitalization Fund opened on May 3, 2021. In addition to a $5 billion set-aside established by Congress for applicants with gross receipts not more than $500,000, SBA Administrator Isabella Casillas Guzman created two additional funding allocations to ensure the smallest of the small restaurants and other eating establishments such as food trucks and carts get the aid needed: 1) $500 million for applicants with 2019 gross receipts less than $50,000; and 2) $4 billion for applicants with 2019 gross receipts between $500,000 and $1,500,000. In the first days of the RRF program, after weeks of targeted outreach that included 600 local and national informational events, SBA has received:
- 13,114 applications from businesses with under $50,000 in pre-pandemic revenue requesting $330 million in funds
- 100,410 applications from businesses with under $500,000 in annual pre-pandemic revenue requesting $8.14 billion in funds
- 61,535 applicants from businesses with $500,000 – $1,500,000 in annual pre-pandemic revenue requesting $15.1 billion in funds
Because SBA still has potential funding available for eligible establishments with 2019 annual revenue of not more than $50,000, the application portal will remain open. Eligible establishments that meet this revenue standard are encouraged to apply through SBA-recognized point-of-sale vendors or directly via the SBA online application portal.
Did you get a first-round PPP loan to cover payroll, mortgage interests, rent payments, and utility payments? You can now also tax deduct the corresponding expenses.
The SBA is currently accepting applications for the Shuttered Venue Operators Grant. To submit an application, visit sba.gov/svogrant.
Join SBA for an online panel discussion with Asian American and Native Hawaiian/Pacific Islander-owned small businesses on May 27 as they share their small business stories and how they utilized SBA’s economic aid to pivot during the pandemic. You will also learn about the SBA resources available to help entrepreneurs compete in the marketplace: launch or expand businesses; receive counseling; funding opportunities; and help to recover or rebuild from disasters.
Save the Date! Join SBA for the National Small Business Week Virtual Summit on September 13–15 to recognize the resiliency, resolve and renewal of America’s 30 million small businesses as they get back on track to economic recovery.
Are you a military spouse overseas interested in entrepreneurship? Join SBA and Hiring our Heroes for a virtual summit to get tips on access to capital, supply chain, marketing and more.
- Europe: May 20 at 3 p.m. CET (9 a.m. ET) | Register
- Asia: May 21 at 9 a.m. JST (May 20, 8 p.m. ET) | Register
May is World Trade Month and the SBA has teamed up with partnering organizations to offer webinars all month to help small business owners gain valuable insights on strategies for international sales success. All webinars begin at 2:00 p.m. EDT.
- May 18 | Going Global with Trade Agreements | Register here
- May 20 | Utilizing eCommerce Tools to Drive Global Sales | Register here
- May 25 | Business Beyond Borders: Commemorating World Trade Month | Register here
- May 27 | Logistics of Growing Global eCommerce | Register here
Happy Military Appreciation Month! SBA has resources to help the military community start, grow, expand and recover small businesses.
Be Inspired: Small Business Success Story During Asian American and Native Hawaiian/Pacific Islander Heritage Month, we’re highlighting inspiring business owners like Jae Kim who are making a big impact on the economy and their communities. Jae Kim’s entrepreneurial dream of opening a Korean-inspired barbecue restaurant began as many such dreams do: generating credit card debt and drawing from hard-earned savings. He was able to start a food truck at first, but he wondered how he was ever going to save enough money to open a brick and mortar.
Virtual Panel Discussion with GSA Prime Contractors about Artificial Intelligence and Data Analytics
May 18 | 1:00 p.m. ET
Join the U.S. General Services Administration for a virtual panel discussion to learn about the types of AI products and services the federal government is purchasing and hear directly from GSA Primes, representing fortune 500 companies. These primes will show you how to connect with diversity managers, explain how major AI projects teams are assembled, trending initiatives and potential partnering as well as subcontracting opportunities for your small business.
The SBA recently launched the Shuttered Venue Operators Grant and Restaurant Revitalization Fund. Bad actors may take this opportunity to impersonate lenders or government officials in emails, robocalls, social media accounts and phony websites. Their goal is to attract victims and commit fraud, scams and schemes. The result is financial or personally identifiable information (PII) loss for the victims. As a reminder, the SBA directly communicates from email addresses ending in @sba.gov. The SBA also communicates via email updates/notifications using an email marketing platform, (the same one you are receiving this newsletter from). Those emails end in @updates.sba.gov. If you applied for the Shuttered Venue Operators Grant and emailed the SVOG Support Center, you may receive an email back from a zendesk.com account. This is an authorized SBA contractor. If you are being contacted by someone claiming to be from the SBA who is not using an official SBA email address, you should suspect fraud. To report potential fraud, visit sba.gov/covidfraudalert.
Federal Coronavirus Resources State, local, and federal agencies are working together to maintain the safety, security, and health of the American people. Check out coronavirus.gov for updates from the White House’s COVID-19 Task Force. Go to cdc.gov for detailed information about COVID-19 from the Centers for Disease Control and Prevention. Visit covid-sb.org, the official federal resource website for U.S. small businesses affected by COVID-19.
Learn more about the federal government’s response
Virtual Mentoring and Training Offices around the country may be closed due to the pandemic, but SCORE, Small Business Development Centers, Women’s Business Centers, Veterans Business Outreach Centers and other resource partners are providing free business mentoring and training by phone, email, and video.
Find an SBA resource partner near you
U.S. Small Business Administration
409 3rd St, SW.
Washington DC 20416