Business & Tech
These Arvada Area Restaurants Got Revitalization Funds
Nationally, around 101,000 eateries received grants, including some in the Arvada area.
ARVADA, CO — The Restaurant Revitalization Fund doled out more than $28.6 billion in grants to eateries that sustained financial losses during the pandemic, including several Arvada 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 Arvada area restaurants were among those that received a Restaurant Revitalization Fund grant. Check here for a full, searchable database.
Business: ZHANG WANG LLC
- Arvada, CO, 80002
- Grant amount: $1,252,417
Business: LA FAMILIA INC.
- Arvada, CO, 80007
- Franchise: IHOP
- Grant amount: $439,355
Business: BREAD WINNERS INC
- Arvada, CO, 80002
- Grant amount: $272,957
Business: 5280 BEER COMPANY LLC
- Arvada, CO, 80002
- Grant amount: $259,325
Business: ANDREW BERARD
- Arvada, CO, 80002
- Grant amount: $234,926
Business: TYRRELL ENTERPRISES LLC
- Arvada, CO, 80002
- Grant amount: $152,278
Business: SASUKE RAMEN INC
- Arvada, CO, 80003
- Grant amount: $144,556
Business: M&H Holdings LLC
- Arvada, CO, 80002
- Franchise: Subway
- Grant amount: $105,248
Business: TA2D INC
- Arvada, CO, 80002
- Grant amount: $91,362
Business: NGAN CORPORATION
- Arvada, CO, 80002
- Grant amount: $66,830
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 Some business owners sued, and the SBA ended the practice; around 3,000 priority applicants had grants rescinded, according to The New York Times.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 content@patch.com.
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