These Medford Area Restaurants Got Revitalization Funds

Medford MA

29 July, 2021

5:22 PM

Description

MEDFORD, MA — The Restaurant Revitalization Fund doled out more than $28.6 billion in grants to eateries that sustained financial losses during the pandemic, including several Medford 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 Medford area restaurants were among those that received a Restaurant Revitalization Fund grant. Check here for a full, searchable database. Business: KYOTO RESTAURANT OF MEDFORD LLC Medford, MA, 02155 Grant amount: $985,403 Business: ADTM LLC Medford, MA, 02155 Grant amount: $883,920 Business: SIMPLE FARE LLC Medford, MA, 02155 Grant amount: $415,055 Business: NIJIYA SKY INC Medford, MA, 02155 Grant amount: $282,155 Business: NEW FENG SHUI INC Medford, MA, 02155 Grant amount: $230,452 Business: SCOOP LLC Medford, MA, 02155 Grant amount: $113,798 Business: IMTIYAZ INC Medford, MA, 02155 Grant amount: $60,028 Business: Grace And Leo Inc Medford, MA, 02155 Grant amount: $32,177 Business: CHILLI GARDEN INC Medford, MA, 02155 Grant amount: $31,888 Business: GN PAPA CORP Medford, MA, 02155 Grant amount: $19,228 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 Some business owners sued, and the SBA ended the practice; around 3,000 priority applicants had grants rescinded, according to The New York Times.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].