DENVER (KDVR) — The Restaurant Revitalization Program that was signed into law by President Joe Biden as part of the American Rescue Plan is officially closed. The program supplied aid to one of the industries worst hit by the COVID-19 pandemic.
Colorado had 1,771 applications approved, totaling $481,075,609 in funding.
“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,” Small Business Administration Administrator Isabel Guzman said.
“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,” Guzman said.
By the end of June, more than 278,000 eligible applications nationwide were submitted to the program, and 101,000 of those applications were approved. According to the SBA, $18 million in grant funds was put toward underserved businesses including:
- Approximately $7.5 billion to women-owned businesses
- Approximately $1 billion to veteran-owned businesses
- Approximately $6.7 billion to social and economically disadvantaged-owned businesses
- Approximately $2.8 billion to businesses owned by representatives of multiple underserved populations
Businesses not identified as part of an underserved group received $28.6 billion.
The SBA reported the average amount provided was $283,000. The highest percentage of distribution amounts were between $150,000 to $1 million, making up almost half of the percentage awarded.
Restaurant industry businesses were eligible for an amount equal to their pandemic-related revenue loss, with a cap of $10 million per business and $5 million per location.
The application platform will remain available until July 14 for existing applicants to check their status or make other adjustments.