Will the Restaurant Revitalization Fund make a difference in Western New York? | Local company
The $ 28.6 billion Restaurant Revitalization Fund is administered by the Small Business Administration.
Will this be enough? Restaurants and industry groups have celebrated the funding, but while money is a lifeline for many, it is not a panacea.
The fund will only cover 10% of losses from the pandemic, according to Sean Kennedy, spokesperson for the National Restaurant Association. The restaurant industry has lost $ 240 billion in sales, according to the trade group’s annual report.
However, it is hoped that the Restaurant Revitalization Fund will be more successful in helping small independent restaurants than the Paycheck Protection Program. PPP loans have been made to $ 1 billion companies and Fortune 500 companies, such as the LA Lakers and the $ 2 billion Shake Shack chain.
“If you have more than 20 restaurants, you’re out,” Senator Chuck Schumer, D-NY, told members of the New York Restaurant Association at a recent Zoom meeting. “We didn’t want the olive gardens and the red lobsters to kick you out so they could get in, like the last time they kicked you out.”
And after? As much as grants can help, it will take more than an injection of cash to get things back on track.
“Herd immunity is what will open our bar,” said Maura Crawford, owner of Coco Bar & Bistro on Main Street. “It’s not about the money, it’s about people making their own way and getting vaccinated.”