These Palo Alto Area Restaurants Got Revitalization Funds

Palo Alto CA

29 July, 2021

5:06 PM

Description

PALO ALTO, 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 Palo Alto 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 Palo Alto area restaurants were among those that received a Restaurant Revitalization Fund grant. Check here for a full, searchable database. Business: CALLIA MANAGEMENT INC Palo Alto, CA, 94306 Grant amount: $1,084,612 Business: INDO RESTAURANT LLC Palo Alto, CA, 94306 Grant amount: $838,067 Business: LANG SIV Palo Alto, CA, 94306 Grant amount: $363,811 Business: EUNOK BAEK Palo Alto, CA, 94306 Grant amount: $357,197 Business: PIZZA CHICAGO INVESTORS LLC Palo Alto, CA, 94306 Grant amount: $237,540 Business: KAN ZEMMAN LLC Palo Alto, CA, 94306 Grant amount: $205,856 Business: KAI DA INC Palo Alto, CA, 94306 Grant amount: $132,703 Business: Taqueria El Grullense M&G Inc. Palo Alto, CA, 94306 Grant amount: $23,982 Business: K FOOD WORLD INC Palo Alto, CA, 94306 Grant amount: $9,542 Business: LOTUS THAI BISTRO INC Palo Alto, CA, 94306 Grant amount: $5,092 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 Some business owners sued, and the SBA ended the practice; around 3,000 priority applicants had grants rescinded, according to The New York Times.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].