Last weekend, the SBA published the application and program guidelines for the Restaurant Revitalization Fund it is administering in accordance with the American Rescue Plan Act. Below is the full release and all the information can be accessed via the dedicated website: www.sba.gov/restaurants. 

Also, other quick updates on SBA’s economic aid efforts include:

• PPP funding status: As of April 18, nearly 9.9 million PPP loans totaling more than $762 billion have been approved so far. Specifically in the 2021 round, more than 4.7 million PPP loans totaling more than $240 billion have been approved. The program is slated to close on May 31, 2021.
• PPP forgiveness: As of April 8, approximately 52% of the PPP loans have completed the forgiveness process; across all loan sizes, over 99% of loan value has been forgiven on these loans.
• Shuttered Venue Operators Grant: Our tech team and vendors remain focused on testing the Shuttered Venue Operators Grant application portal and we are aiming to reopen the portal by the end of this week. We know this funding is urgently needed now and are doing all we can to reopen with the greatest amount of certainty as possible. We have and will continue to engage with stakeholders on the applicant experience and will continue to share updates regularly. Again, applicants will have advance notice so they can be best prepared. 

For detailed information on SBA’s COVID-19 economic relief programs for small businesses and other eligible entities, visit www.sba.gov/relief and www.sba.gov/asistencia (en Español).