In detail: A look at how restaurants in Rochester have benefited from the Restaurant Revitalization Fund
“It’s still not enough,” Patel sighed. “Because we’re in the red, over $ 30,000.”
Patel says the business would be in big trouble without a bunch of government aid for struggling businesses, PPE, EIDL, and most importantly RRF, emergency funding for restaurants. Recently released documents from the Small Business Administration put the Corral at the top of the list of businesses in the Rochester area receiving RRF money, which Patel says has gone to utilities, mortgage and hiring or re-hiring 120 workers, like Neecy McWilliams.
“It was a relief to be back to work,” she said. “It was. I haven’t worked for over a year, so”
The story is similar to Market at I-Square in Irondequoit, which the SBA reports has secured some $ 445,000 in RRF funding. Owner Mike Nolan says sales are about half of what they were before the pandemic, the company is at least 25% of breakeven and has “no chance of long-term survival. term without this help “.
Patel says some loyal customers have returned, with their own eye on his bottom line.
“We’re here because we want to help her,” said Irene Dettore, longtime Gates customer. : We want to encourage people to come.
I-Square reports that its RRF funding will be used to pay, rent, and maybe some renovations as business slows down and all of these restaurants return to normal.
“Time will tell,” Patel said. “It will probably take another year before you figure out that” Okay, now he’s self-sufficient. “
The US Small Business Administration uses three different formulas to calculate the amount of aid received by restaurants.
The first was for businesses that were in operation before January 1, 2019: subtract the 2019 gross revenue from the 2020 gross revenue minus the amount of any Paycheck Protection Program (PPP) loan the business received, if any. appropriate.
The second, for companies that opened in mid-2019: the average of its monthly gross revenues for 2019 has been multiplied by 12; 2020 gross revenue minus the amount of any PPP loan received by the business has been subtracted from this number.
For businesses that started operating between January 2020 and March 10, 2021, this is the amount spent on all qualifying expenses between February 15, 2020 and March 11, 2021, minus 2020 gross revenue minus the amount of any PPP loan received by the company. .
The minimum price was $ 1,000, but companies could get up to $ 5 million.