The U.S. Small Business Administration has closed the Restaurant Revitalization Fund Program, after awarding over 100,000 eateries across the country a combined $28.6 billion.
President Joe Biden had signed the program into law as part of the American Rescue Plan.
As of June 30, the revitalization fund program had received more than 278,000 submitted eligible applications representing over $72.2 billion in requested money. Approximately 101,000 applicants were approved to restaurants, bars and other restaurant-type businesses.
The average award was $283,000. Twenty-seven percent of the approved grant awards were from $350,000 to $1 million. Underserved populations received approximately $18 billion in grant awards.
The fund application platform will remain open for the next two weeks, to allow applicants to check their status, address payment corrections, or ask questions. The SBA will disable access to the platform July 14.