The U.S. Small Business Administration (SBA) announced Tuesday, July 6, the closure of the Restaurant Revitalization Fund (RRF) after awarding the program’s full $28.6 billion to more than 100,000 restaurants, bars and other businesses.
Demand for the funds far outstripped the supply, with restaurants and other eligible businesses submitting more than 278,000 applications seeking more than $72.2 billion in funding, the SBA said.
The Restaurant Revitalization Fund application platform will remain open for the next two weeks to allow applicants to check their status, correct their payment address or ask questions. The SBA will disable access to the platform on July 14, 2021. Read more.