Welcome to First Bite, a Nation’s Restaurant News podcast, your daily source of news from NRN hosted by Holly Petre.
Today, we’re examining the new discovery that the Small Business Administration has undistributed money in Restaurant Revitalization Fund.
The U.S. Small Business Administration has yet to disperse $180 million of unobligated funds that were set aside for the Restaurant Revitalization Fund as of June 2022, according to a July report published by the U.S. Government Accountability Office. The Government Accountability Office analyzed weakness and issues with the Restaurant Revitalization Fund program, which appropriated $28.6 billion to the foodservice industry in 2021. According to the report, 88% of applicants were eligible for funding but only 40% ended up receiving Restaurant Revitalization Fund money.
Here’s Joanna Fantozzi with more on the story.
Plus, catch up on all the top news of the day with our daily news recap at the beginning of each episode.