SOUTHAMPTON, N.Y. — The Restaurant Revitalization Fund awarded more than $28.6 billion in grants to restaurants that suffered financial losses during the pandemic, including several restaurants in the Southampton area.
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 do not need to be repaid if used for eligible expenses, such as payroll or rent, until March 11, 2023.
The following Southampton area restaurants were among those who received a grant from the Restaurant Revitalization Fund. Check here for a full searchable database.
Business: ELM STREET RESTAURANT LLC
- Southampton, New York, 11968
- Grant amount: $1,253,184
Company: ANDREA'S RESTAURANT CORP
- Southampton, New York, 11968
- Grant amount: $127,890
Company: CRISTINA'S ENTERPRISES INC.
- Southampton, New York, 11968
- Grant amount: $95,915
Business: SUSTENANCE LLC
- Southampton, New York, 11968
- Grant amount: $82,662
Business: SERVICE MATTERS HAMPTONS LLC
- Southampton, New York, 11968
- Grant amount: $71,523
He's asking for more help from industry leaders
The Restaurant Revitalization Fund won praise from industry members for its simplicity, but many applicants were turned away when funding ran out in June.
Nationally, restaurants filed more than 278,000 claims, totaling $72.23 billion in requested assistance. About 177,000 applicants were denied grants.
There was also confusion about the prioritization of funds. The SBA initially prioritized funding for restaurants owned by women, veterans and underserved populations. Some business owners sued and the SBA ended the practice. About 3,000 priority applicants had their grants canceled, according to the New York Times.
The restaurant industry has lost about $290 billion in sales since the start of the pandemic, according to the National Restaurant Association. About 90,000 restaurants closed permanently or for the long term.
The bipartisan proposal to renew the Restaurant Renewal Fund Act would provide $60 billion in additional funding for the program if passed.
“The success of the RRF so far is due, in large part, to the SBA's focus on making the program simple and accessible,” NRA Vice President Sean Kennedy said in a statement. “We appreciate how quickly they were able to create a program that was unlike anything they've managed before, and we 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 content@patch.com.
