Carmel Area Restaurants Received Revitalization Grants

Carmel IN

29 July, 2021

5:37 PM

Description

CARMEL, IN — The Restaurant Revitalization Fund doled out more than $28.6 billion in grants to eateries that sustained financial losses during the pandemic, including several Carmel 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 Carmel area restaurants were among those that received a Restaurant Revitalization Fund grant. Check here for a full, searchable database. Business: NINETABLES LLC Carmel, IN, 46074 Grant amount: $321,059 Business: PIN HUA INC Carmel, IN, 46032 Grant amount: $250,081 Business: CHINA BUFFET INC Westfield, IN, 46074 Grant amount: $248,194 Business: TASTE RAMEN LLC Carmel, IN, 46033 Grant amount: $237,247 Business: PRESERVATION LLC Westfield, IN, 46074 Grant amount: $228,903 Business: RAD RESTAURANTS LLC Carmel, IN, 46033 Grant amount: $132,594 Business: KOTO INDY INC Carmel, IN, 46033 Grant amount: $131,117 Business: Luck 8 Incorporation Carmel, IN, 46033 Franchise: Subway Grant amount: $57,544 Business: HOOSIER CATERING INC Carmel, IN, 46033 Grant amount: $34,111 Business: DELISH BY DESIGN Westfield, IN, 46074 Grant amount: $16,890 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 Some business owners sued, and the SBA ended the practice; around 3,000 priority applicants had grants rescinded, according to The New York Times.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].