The Restaurant Revitalization Fund has already received many applications
The offer of federal assistance of up to $ 10 million from the Restaurant Revitalization Fund (FRR) drew demands from 186,200 restaurants, bars, food trucks and other foodservice operations in the first two days of the aid program, with about half of the claims coming from homeowners deemed to be most in need, the White House said Wednesday morning.
About 61,700 apps came from operations with annual revenues of $ 500,000 or less, according to the Biden administration.
The White House released the statistics as evidence of its continued support specifically for the restaurant industry. He noted that struggling institutions received $ 331 billion in aid in the first 100 days of administration. That total includes $ 31 billion given to restaurants in forgivable loans through the Paycheck Protection Program and $ 467 million in low-interest industry disaster loans.
All programs, including the RRF, are administered by the US Small Business Administration. The agency began sending out applications at noon EDT on Monday.
The White House said it has also helped the industry with its increased efforts to immunize more Americans and the pandemic relief payments that have been made to most American households.
“While the administration remains focused on helping these restaurants and businesses make ends meet, the data suggests that the overall outlook for the industry has improved in recent months,” the White House said. He cited findings that the number of restaurants that have resumed normal operations has doubled since January, and the percentage of establishments that say they intend to operate within six months as they did before the pandemic is increased to 26%, compared to 17 previously. %.
The RRF is a $ 28.6 billion pool created as part of the Democratic Party’s US bailout specifically to help restaurants. The program intends to grant operations with up to 20 units with up to $ 5 million for a location in need, or $ 10 million in total per company. The funds can be spent on most day-to-day operating expenses until March 11, 2023.