These Long Beach Area Restaurants Got Revitalization Funds

Long Beach CA

29 July, 2021

5:29 PM

Description

LONG BEACH, CA — The Restaurant Revitalization Fund doled out more than $28.6 billion in grants to eateries that sustained financial losses during the pandemic, including several Long Beach area restaurants. The fund was established as part of the American Rescue Plan Act of March 2021. More than 101,000 restaurants received grants as of June 30, according to the Small Business Administration. The average grant size was $283,000. Restaurants were eligible for up to $10 million in grants, with no more than $5 million per location. Funds don't have to be repaid if they are used for eligible expenses, such as payroll or rent, through March 11, 2023. The following Long Beach area restaurants were among those that received a Restaurant Revitalization Fund grant. Check here for a full, searchable database. Business: WALTS WHARF INC. Seal Beach, CA, 90740 Grant amount: $2,673,130 Business: JYJ ENTERPRISE INC. Lakewood, CA, 90715 Grant amount: $953,490 Business: RESTAURANT KOI INC Seal Beach, CA, 90740 Grant amount: $702,816 Business: SPM GROUP CORP Lakewood, CA, 90715 Franchise: Subway Grant amount: $230,984 Business: JAESUNG KIM Lakewood, CA, 90715 Grant amount: $181,881 Business: KEANES CUSTOM CATERING Seal Beach, CA, 90740 Grant amount: $113,017 Business: MCKENNA'S COTTAGES LLC Seal Beach, CA, 90740 Grant amount: $69,953 Business: Dae Bak Korean Restaurant Inc. Lakewood, CA, 90715 Grant amount: $46,700 Business: DSB DESSERTS LLC Seal Beach, CA, 90740 Grant amount: $28,375 Business: Y.W.USAINC Lakewood, CA, 90715 Grant amount: $11,986 Calls for more aid from industry leaders The Restaurant Revitalization Fund received praise from industry members for its simplicity, but many applicants were shut out when funding dried up in June. Nationwide, restaurants submitted more than 278,000 applications, totaling $72.23 billion in requested aid. Around 177,000 applicants were denied grants. There was also confusion about prioritization of funds. The SBA originally prioritized funding for restaurants owned by women, veterans and underserved populations. Some business owners sued, and the SBA ended the practice; around 3,000 priority applicants had grants rescinded, according to The New York Times. The restaurant industry has lost around $290 billion in sales since the beginning of the pandemic, according to the National Restaurant Association. Some 90,000 restaurants closed permanently or long-term. The bipartisan Restaurant Revitalization Fund Replenishment Act proposal would provide $60 billion in additional funding for the program if passed. "The success of the RRF so far is, in large part, because the SBA focused on making the program simple and accessible," NRA Vice President Sean Kennedy said in a statement. "We appreciate how swiftly they were able to establish a program unlike anything they had administrated before, and believe it has the structure to sustain additional funding." Editor's note: This post was automatically generated using data from the SBA. Feedback can be sent to [email protected]. Many of the listings are corporations, limited liability companies, investment firms, and company owners.