As many Local Restaurants fought to keep their doors open after the coronavirus pandemic, the U.S. Small Business Administration offered grants. The Restaurant Revitalization Fund started taking applications on May 3, 2021.In total, $28 billion was allocated for struggling Local Restaurants across the country. According to the Small Business Association, any business where people come together to consume food or beverage qualify.On the Central Coast, $100,566,564.87 was handed out to 291 restaurants.
Established under the American Rescue Plan, and signed into law by President Joe Biden on March 11, the RRF provides a total of $28.6 billion in direct relief funds to restaurants and other hard-hit food establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic.This program will provide restaurants with funding equal to their pandemic-related revenue loss of up to $10 million per business and no more than $5 million per physical location. Casa De Fruta received $ 4,441,267.00.
Funds ran out last month, but many who applied didn’t receive funds. Don Dugan, the owner of Dugan’s Pub, was one of the many disappointed in not receiving financial assistance after applying. According to SBA, 1,887 restaurants in Arkansas applied for a total of $260 million. Just over 500 of those Local Restaurants received funding, totaling just over $93 million.