May 20, 2021: RRF Gets 186K Applicants In First 2 Days
Happy Mouth
English - May 20, 2021 07:00 - 13 minutes - 12 MB - ★★★★★ - 4 ratingsFood Arts News News Commentary Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
The long-awaited Restaurant Revitalization Fund was flooded with applications immediately, showing just how many businesses were in need. On this episode of the Happy Mouth podcast, restaurateur Philip Camino and chef Nyesha Arrington take a look at the early days of the RRF and the ending of the PPP.
Nyesha and Philip dive into where initial RRF applications came from, how much they’ve already helped small businesses, and whether they believe the fund will need to be re-upped. They also take a look at the PPP as it begins to wrap up, including how it’s running out of funds early for the second time.
Listen to Philip and Nyesha discuss the RRF and PPP:
186,000 eligible businesses applied for the RRF in the first 2 days
RRF applications came from all 50 states
RRF funds are starting to be dispersed
Roughly 61,700 applications came from restaurants and bars with revenues of $500,000 or less
More than 50% of total applicants came from places owned by women, veterans and the socio-economically disadvantaged, which were priority groups for the RRF
26% of operators are predicting a return to normal operations within the next 6 months, up from 17%
The PPP has run out of funds for most lenders
The SBA will continue funding outstanding approved PPP applications
Links:
Restaurant Dive - PPP runs out of funds for most lenders
Restaurant Dive - RRF brings 186K applicants in first 2 days
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