Billions of dollars in grant money have been set aside for the Restaurant Revitalization Fund, which is meant to help restaurants and bars hit hard by the COVID-19 pandemic.The federal government has allotted $28.6 billion in grants to the Small Business Administration to disburse for the program.There are restrictions on who can apply for the Restaurant Revitalization Fund grants at first:For the first three weeks, the SBA will only accept applications from restaurants that are majority owned by women, veterans and the socially and economically disadvantaged.Following the first three weeks, anyone can apply.The maximum grant amount is $10 million and is aimed at replacing lost revenue.You can find a link to apply for the SBA grants here.
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About a third of eligble businesses that have applied PPP haven t heard if they ve been approved.
Lenders outside of the SBA are being very cautious about approving loans as demand surges.
The bottleneck means small businesses must find ways to extend their cash, operate leanly, and cut costs.
Entrepreneurs who are struggling to keep their businesses afloat amid the pandemic have yet another challenge to face.
About a third of small businesses that are eligible for the Small Business Administration s Paycheck Protection Program and have applied for the new round haven t heard if they ve been approved, according to a newly-released survey of more than 1,100 US-based small businesses by HR software firm Gusto.