A complete of 186,200 eating places, bars and different eligible companies utilized for assist from a brand new $28.6 billion federal support progr
A complete of 186,200 eating places, bars and different eligible companies utilized for assist from a brand new $28.6 billion federal support program within the first two days it was accepting functions, Jen Psaki, the White Home press secretary, mentioned Wednesday, indicating large demand from a struggling trade for restricted aid funds.
The Restaurant Revitalization Fund was created by Congress as a part of the $1.9 trillion aid invoice handed in March. Enterprise house owners who had been hit arduous by the coronavirus pandemic can apply for grants of as much as $10 million.
Mr. Biden is anticipated to provide remarks on Wednesday afternoon selling the newly opened fund.
For the primary 21 days, the Small Enterprise Administration will solely approve claims from companies which might be majority-owned by girls, veterans or people who qualify as each socially and economically deprived.
Ms. Psaki mentioned Wednesday that 97,600 of the functions acquired in this system’s first two days had come from companies owned by individuals who fell into these classes.
“We look ahead to implementing that program,” Ms. Psaki mentioned, emphasizing the excessive demand for the aid funds. Nevertheless it’s not clear that prime demand is essentially factor for a program that has restricted funding and should flip many needy companies away.
“We all know that the $28.6 billion is just not sufficient to satisfy the demand,” Isabella Casillas Guzman, the small enterprise administrator, mentioned final week. “Nevertheless, we have to exhibit that demand, and we have to encourage everybody to use and entry this fund as a lot as potential and exhibit what remaining want is on the market.”
Ms. Psaki mentioned the administration could be open to looking for extra funding from Congress sooner or later.
Earlier than his personal remarks on the White Home, Mr. Biden bought tacos and enchiladas from Taqueria Las Gemelas, a Mexican restaurant in Washington that Ms. Psaki mentioned was a beneficiary of the aid fund’s pilot program. This system has but to distribute any funds exterior of the restricted pilot.