Acadiana Restaurants Receive Over $ 19 Million Through Restaurant Revitalization Fund
Acadiana restaurants have received more than $ 19.2 million from the Restaurant Revitalization Fund, according to data from the US Small Business Administration, with more than 100 restaurants receiving funds.
The Restaurant Revitalization Fund was a program put in place by the American Rescue Plan and was intended to help eligible restaurants, bars, caterers and other businesses recover from COVID-19. Restaurants could receive up to $ 10 million and up to $ 5 million per physical location.
The funding was intended to help restaurants suffer revenue losses related to the pandemic, and restaurants could use the money to cover salary costs, utility expenses, supplier payments and other eligible expenses.
In the Acadiana region, 121 restaurants received funding, for an average of approximately $ 159,200 per restaurant. Of these, at least 75 of the restaurants also received money from the Paycheck Protection Program – a federal loan program that provides forgivable loans to businesses to keep employees at work – for a total of $ 4.7 million. dollars.
In their applications, restaurants were asked to tick boxes to indicate the type of business they were. The majority of businesses receiving RRF money in Acadiana only checked “restaurant”, with 73 listings for that designation totaling over $ 15.1 million, or about $ 207,500 on average.
The story continues below.
The second most common type of restaurant was “bar, lounge, tavern and restaurant” with 16 locations receiving funding. These restaurants received approximately $ 1.4 million or an average of $ 86,300.
The list of restaurants receiving RRF grants included some well-known Acadiana restaurants and bars, such as Wurst Biergarten, Mel’s Diner in Broussard, Bayou Teche Brewing and Taco Sisters.
Most of the RRF money in Acadiana went to non-franchised restaurants, with just under 11% to franchisees. Twelve Subway franchisees received a total of $ 1.5 million, or approximately $ 128,300 on average.
All the other franchisors had a franchisee receiving money, including: Gandy Seafood Cajun Market in Lafayette, Kona Ice in Lafayette, Kung Fu Tea in Lafayette, Marble Slab Creamery in New Iberia, Pho Hoa in Lafayette, Pizza Artista in Broussard, Quiznos in Lafayette, and Roly Poly in Lafayette.
Of these, New Iberia Marble Slab Creamery franchisee Silver Sun Desserts received the most money with over $ 273,600.
AFTER:Biden bailout restaurant aid ends, majority of applicants still without help
In all of Acadiana, only one restaurant has received more than a million dollars. Y & Weng Incorporated, owner of the King Buffet on Bertrand Drive, received approximately $ 1.1 million. The company also received two PPP loans for $ 135,500 and $ 95,200.
When the state implemented COVID-19 restrictions, buffets had to change their normal mode of operation. Even during phase 3 of the reopening plan, buffets could not do self-service and had to have employees overseeing food stations.
The second largest sum of money in Acadiana also went to a buffet, with Peking Buffet at Opelousas receiving $ 933,650.
All of Acadiana’s businesses have said they will use the money from salary expenses and 110 have also said part of the grant will go to utilities. Seventy companies said the money would be used to pay suppliers.
AFTER:How small restaurants can still benefit from help from the Restaurant Revitalization Fund
Acadiana RRF funding was fairly evenly distributed between restaurants in urban and rural areas. Seventy-six restaurants in urban areas received a total of $ 12 million, or an average of about $ 158,200 per restaurant. Forty-five rural restaurants received a total of $ 7.2 million, or an average of about $ 161,000 per restaurant.
Forty-three of the businesses that received RRF money in Acadiana were owned by an economically or socially disadvantaged person. Fifteen restaurants were owned by veterans and 53 were owned by women.