ST. LOUIS — Just about every restaurant is struggling right now, and some owners will even tell you they are still waiting on PPP money that became available during the Trump administration.
Now there's a new administration and new money.
"Congress decided that they needed to do more for restaurants because the Paycheck Protection Program just wasn't doing enough for these really much-needed restaurants and establishments," said Thomas Yochim, Deputy District Director for the St. Louis District office of the U.S. Small Business Administration. "We have a lot of irreplaceable gathering places in our communities that we're all longing to go to. And without this, so many of them are going to close. It's vital that we get this out there."
The SBA will dole out nearly $27 billion in federal aid to restaurants that have suffered during the pandemic under the Restaurant Revitalization Fund passed by Congress in mid-March. Restaurants will be able to get up to $10 million per business with no more than $5 million per location.
The funding is something restaurateurs like Sean Moon could have used many months ago. He owns Kimcheese, Pocha, and Seoul Garden, and even though his establishments are staples in their respective St. Louis area neighborhoods, it's still been a challenge to stay afloat for months on end.
Moon did receive some federal funding, but there were hurdles with getting the PPP funding because he couldn't get it through his credit union, and the big banks wanted a relationship with business owners before they could even apply. He's also still waiting for some PPP funding to come through, though he isn't holding his breath.
"There's a good chance we'll never get it," said Moon. "We applied through many different sources, but it just is what it is."
Moon, like many other restaurant owners, is not operating at full capacity and still faces the challenge of finding and buying personal protective equipment.
"Our business is doing about 80% of what we usually do," said Moon. "We will survive with that, but for how long?"
The new funds will go only to restaurants, but food stands, caterers, bars, bakeries, brewpubs, distilleries, wineries and tasting rooms are just some of the other establishments that fit within the guidelines.
Moon said he still feels pretty lucky to still be operating, though he has had to adjust to closings and employee changes. He's working more. He's also getting help from his family. He said he wouldn't wish this last year on anybody, and if there's more money up for grabs, he will gladly apply.
"As long as we're within the boundary of the guidance, we will have to apply for anything and everything," said Moon.
The SBA is not currently accepting applications for the new funding, but Yochim said it would be any day. There is also a sample application online for restaurant owners to check out in order to get a head start. As it stands now, once the federal funding runs out, it is gone.