Iowa restaurants receive payment from federal relief fund

Iowa restaurant owners have received $ 122 million from a federal relief fund, but many are still waiting for their wages.

Driving the news: The US Small Business Administration on Monday released figures showing the amount of funding from its Restaurant Revitalization Fund distributed to individual businesses.

Why is this important: The fund – which was launched in May as part of the 2021 US bailout – is more flexible than the paycheck protection program loans initially offered to restaurants and bars during the pandemic.

Get market news worthy of your time with Axios Markets. Subscribe for free.

To note : The first funds were earmarked for businesses owned by people of color, women and veterans, but lawsuits have prevented the SBA from distributing funds based on gender or race.

Graphics: Axios Visuals; Data: SBA

Enlarge: Among the main recipients of Des Moines are Rye Rye Adventures and Main Floor LLC, which are owned by the Smithson family. They own several bars on Court Avenue, including Pint’s, One Star Bar and The District.

Bubba, a downtown southern-style restaurant, received nearly $ 600,000 in funds. It is mostly owned by women, said managing partner Chris Diebel.

Yes, but: Funds were quickly depleted and the majority of Iowa restaurant owners who requested help did not receive it, said Jessica Dunker, president of the Iowa Restaurant Association.

And after: Congress is considering a $ 60 billion bill that would replenish the fund and provide money to all qualified candidates.

Like this article ? Get more Axios and subscribe for free to Axios Markets.

Source link

Previous How drone photography can sell real estate
Next Revolving Credit Balances Rise 11.4% In May, Says Fed: How To Pay Off Your Credit Cards

No Comment

Leave a reply

Your email address will not be published. Required fields are marked *