DodoFinance Breaking News Made For You!
While small, lesser-known restaurants have struggled to get approval from a federal program designed to help small businesses during corona virus outbreaks, the French laundry is said to have received more than $ 2.4 million through the payroll protection program, according to ABC7 News analysis.
Eater reported in July According to a list released by the Small Business Administration, the French laundry company received between PPP 2 million and 5 5 million. However, the list does not provide the exact loan amount.
The Michelin-star restaurant in Youndville received two loans, both of which were approved on April 30, according to ABC7, combined with data provided by the small business management. According to the SBA, the first loan was $ 2.2 million to retain 163 employees and the second loan was $ 194,656 to retain five employees. The 2020 Cars Act “Established PPP to fund small businesses to pay up to 8 weeks’ wages, including benefits. Funds can also be used to pay interest on mortgages, rent and utilities.”
According to ABC 7, the more than $ 2.4 million donated to the French laundry company is 17 times more than the average Bay Area restaurant from PPP.
This is the latest example of how bulk is PPP funding has gone to big companies, Little mom and pop companies were unable to get any federal help.
According to the Washington Post analysis of SBA data, national chains have received millions more dollars more from the payroll protection plan than previously known. For example, more than 1,000 Sonic Drive restaurants received PPP funding, with over 100 million in total.
This is not the first time that French laundry news has come out recently for the wrong reasons.
Last month, the state of California Gavin Newsome caught up to dine there A day later, for a birthday party that violates state guidelines, San Francisco Mayor London Breit did just that.
Although Breit did not technically violate state or city corona virus guidelines, he acknowledged that attending a birthday party at a French laundry broke the “spirit” of the rules.
SFGATE writers Diane de Guzman and Eric Ding and the Washington Post contributed to this report.
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