Restaurant Revitalization Fund

Statement by SBA Administrator Guzman on Anniversary of American Rescue Plan

Retrieved on: 
Monday, March 11, 2024

WASHINGTON, March 11, 2024 (GLOBE NEWSWIRE) -- Today, Administrator Isabel Casillas Guzman , head of the U.S. Small Business Administration (SBA) and voice in President Biden’s Cabinet for America’s more than 33 million small businesses, issued the following statement on the anniversary of President Joe Biden’s American Rescue Plan:

Key Points: 
  • WASHINGTON, March 11, 2024 (GLOBE NEWSWIRE) -- Today, Administrator Isabel Casillas Guzman , head of the U.S. Small Business Administration (SBA) and voice in President Biden’s Cabinet for America’s more than 33 million small businesses, issued the following statement on the anniversary of President Joe Biden’s American Rescue Plan:
    “Three years ago, President Biden signed the American Rescue Plan which catalyzed our nation’s unprecedented economic recovery – the strongest of any of the world’s major economies.
  • Since then, the United States has enjoyed a historic Small Business Boom with a record 16.5 million new business applications , including 5.5 million in 2023 alone.
  • “None of this tremendous growth would have been possible without the American Rescue Plan and the critical role it played in not only saving but strengthening Main Streets across America.
  • “The American Rescue Plan is foundational to the Biden-Harris Administration’s Investing in America agenda, and small businesses are at the heart of the country’s unmatched recovery – historically creating two-thirds of net new jobs and over 40% of our nation’s economic output.

GEN Restaurant Group, Inc. Announces Fourth Quarter 2023 Financial Results

Retrieved on: 
Wednesday, March 6, 2024

CERRITOS, Calif., March 06, 2024 (GLOBE NEWSWIRE) -- GEN Restaurant Group, Inc. (“GEN” or the “Company”), owner of GEN Korean BBQ, a fast-growing cook-it-yourself casual dining concept, today announced financial results for the fourth quarter and year ended December 31, 2023.

Key Points: 
  • CERRITOS, Calif., March 06, 2024 (GLOBE NEWSWIRE) -- GEN Restaurant Group, Inc. (“GEN” or the “Company”), owner of GEN Korean BBQ, a fast-growing cook-it-yourself casual dining concept, today announced financial results for the fourth quarter and year ended December 31, 2023.
  • Revenue was $45.1 million in the fourth quarter of 2023 compared to $40.8 million in the fourth quarter of 2022.
  • Comparable restaurant sales decreased 1.7% in the fourth quarter of 2023 compared to the same period last year.
  • Restaurant pre-opening expenses increased to $1.6 million for the fourth quarter of 2023 from $0.5 million in the fourth quarter of 2022 due to the timing of new store openings.

GEN Restaurant Group, Inc. Announces Third Quarter 2023 Financial Results

Retrieved on: 
Tuesday, November 14, 2023

CERRITOS, Calif., Nov. 14, 2023 (GLOBE NEWSWIRE) -- GEN Restaurant Group, Inc. (“GEN” or the “Company”), owner of GEN Korean BBQ, a fast-growing cook-it-yourself casual dining concept, today announced financial results for the third quarter ended September 30, 2023.

Key Points: 
  • CERRITOS, Calif., Nov. 14, 2023 (GLOBE NEWSWIRE) -- GEN Restaurant Group, Inc. (“GEN” or the “Company”), owner of GEN Korean BBQ, a fast-growing cook-it-yourself casual dining concept, today announced financial results for the third quarter ended September 30, 2023.
  • Comparable restaurant sales decreased 1.2% in the third quarter of 2023 compared to the same period last year.
  • Restaurant pre-opening expenses increased 65% to $0.7 million for the third quarter of 2023 due to the timing of new store openings.
  • The Company will host a conference call to discuss financial results for the third quarter of 2023 today at 5:00 p.m. Eastern Time.

GEN Restaurant Group, Inc. Announces Second Quarter 2023 Financial Results

Retrieved on: 
Monday, August 14, 2023

CERRITOS, Calif., Aug. 14, 2023 (GLOBE NEWSWIRE) -- GEN Restaurant Group, Inc. (“GEN” or the “Company”) (Nasdaq: GENK), owner of GEN Korean BBQ, a fast-growing cook-it-yourself casual dining concept, today announced financial results for the second quarter ended June 30, 2023.

Key Points: 
  • CERRITOS, Calif., Aug. 14, 2023 (GLOBE NEWSWIRE) -- GEN Restaurant Group, Inc. (“GEN” or the “Company”) (Nasdaq: GENK), owner of GEN Korean BBQ, a fast-growing cook-it-yourself casual dining concept, today announced financial results for the second quarter ended June 30, 2023.
  • Revenue was $46.5 million in the second quarter of 2023 compared to $42.2 million in the second quarter of 2022.
  • During the second quarter of 2023, the Company opened three new restaurants, bringing the total restaurant count to 34 as of June 30, 2023.
  • The Company will host a conference call to discuss financial results for the second quarter of 2023 today at 5:00 p.m. Eastern Time.

U.S. Small Business Administration Releases Report on Anti-Fraud Control Measures in Pandemic Relief Programs

Retrieved on: 
Tuesday, June 27, 2023

WASHINGTON, June 27, 2023 (GLOBE NEWSWIRE) -- The U.S. Small Business Administration (SBA) today released a report detailing analysis of anti-fraud protocols put in place by the Biden-Harris Administration in SBA’s four largest pandemic programs.

Key Points: 
  • WASHINGTON, June 27, 2023 (GLOBE NEWSWIRE) -- The U.S. Small Business Administration (SBA) today released a report detailing analysis of anti-fraud protocols put in place by the Biden-Harris Administration in SBA’s four largest pandemic programs.
  • The report is the most thorough analysis available of the initial fraud prevention measures, new controls put in place by the Biden-Harris Administration to prevent and detect fraud, and the overall impact of fraud on the pandemic relief programs.
  • Eighty-six percent of likely fraud in SBA’s pandemic relief program originated in the first nine months of the pandemic.
  • Looking ahead to potential future national emergencies, the report also outlines recommendations to mitigate fraud through the design of relief programs.

National Restaurant Association Statement on the Release of $83 Million in Restaurant Revitalization Fund Grants

Retrieved on: 
Thursday, November 24, 2022

WASHINGTON, Nov. 23, 2022 /PRNewswire/ -- Today, the Small Business Administration (SBA) announced the release of $83 million dollars in unobligated Restaurant Revitalization Fund (RRF) grants to 169 operators with pending applications.

Key Points: 
  • WASHINGTON, Nov. 23, 2022 /PRNewswire/ -- Today, the Small Business Administration (SBA) announced the release of $83 million dollars in unobligated Restaurant Revitalization Fund (RRF) grants to 169 operators with pending applications.
  • According to the SBA, the grants are being released to operators in the order their applications were received.
  • The Association was first to lay out the plan for a restaurant industry recovery fund to Congress in April 2020.
  • Founded in 1919, the National Restaurant Association is the leading business association for the restaurant industry, which comprises nearly 1 million restaurant and foodservice outlets and a workforce of 14.5 million employees.

READOUT: SBA Administrator Isabella Casillas Guzman visits Kansas City

Retrieved on: 
Tuesday, October 18, 2022

The Administrator was also joined by SBA Kansas City District Director Michael Barrera and Deputy District Director Ram Basnet.

Key Points: 
  • The Administrator was also joined by SBA Kansas City District Director Michael Barrera and Deputy District Director Ram Basnet.
  • Kansas City small business owners and local leaders continue to inform how the SBA does our work supporting local entrepreneurs to build resilient businesses and create good jobs.
  • Administrator Guzman traveled to 1889 Pizza Napoletana, a small business in Kansas City, KS for dinner.
  • Administrator Guzman joined Senator Roger Marshall for a full small business roundtable that focused on capital access with local Kansas businesses.

THRōW SOCIAL®, A FEMALE-FOUNDED EXPERIENTIAL HOSPITALITY CONCEPT HAILING FROM WASHINGTON, DC, HITS RECORD SUCCESS WITH EXPANSION TO SOUTH FLORIDA

Retrieved on: 
Thursday, July 28, 2022

DELRAY BEACH, Fla., July 28, 2022 /PRNewswire/ -- Pioneering high school math teacher turned entrepreneur Ginger Flesher-Sonnier, founder of The Ginger Companies, whose portfolio includes several of her vastly successful concepts such as country-renowned Escape Room Live® locations, Kick Axe Throwing® venues, and THRōW Social®, announces "more expansion is underway" for her company in South Florida.  THRōW Social® Delray Beach, which opened in January 2022 to wild success with revenues exceeding $1 million monthly, is scouting additional locations throughout the Sunshine State.

Key Points: 
  • THRW Social Delray Beach , which opened in January 2022 to wild success with revenues exceeding $1 million monthly, is scouting additional locations throughout the Sunshine State.
  • "South Florida has spoken and has really responded extremely positively to our unique brand of fun.
  • With locations in Washington, DC and Delray, Florida, THRW Social is the newest creative endeavor from the Ginger Companies, a northeastern experiential location based entertainment company.
  • THRW Social Delray Beach is open to families with children by day and adults 21+ beginning at 9pm nighty.

Four Million Hard-Hit Businesses Approved for Nearly $390 Billion in COVID Economic Injury Disaster Loans

Retrieved on: 
Tuesday, June 14, 2022

Taken together with the American Rescue Plan-funded programs – the Restaurant Revitalization Fund, the Shuttered Venue Operators Grant, the COVID EIDL Targeted and Supplemental Advance Grants, and the Paycheck Protection Program -- COVID EIDL, which was often used for critical business operations such as making payroll, has helped small businesses power historic economic growth. In the first three quarters of 2021, small businesses with fewer than 50 employees created 1.9 million jobs, the fastest nine-month start in any year on record. This historic level of investment in saving our small business economy has resulted in high marks of trust in the SBA among the American public.

Key Points: 
  • Through the life of the program, the SBA disbursed approximately $390 billion to nearly four million small businesses and nonprofits.
  • The SBA has delivered historic economic relief to millions of Americas small businesses through the COVID Economic Injury Disaster Loan program, said Administrator Guzman.
  • Nearly 90 percent of loans went to small businesses with 10 employees or less, which tend to include the hardest-hit and most underserved populations.
  • Were thankful that through the COVID Economic Injury Disaster Loan program, the SBA was able to deliver approximately $390 billion in economic relief to nearly four million small businesses across the country.

FACT SHEET: As Hurricane Season Approaches, the U.S. Small Business Administration Continues to Prioritize Equitably Supporting Impacted Communities Through Disaster Assistance, Mitigation, and Business Preparedness Efforts

Retrieved on: 
Thursday, June 2, 2022

The SBAs Programs That Support Communities Impacted by Disasters Have Expanded and Scaled in the Face of New Challenges.

Key Points: 
  • The SBAs Programs That Support Communities Impacted by Disasters Have Expanded and Scaled in the Face of New Challenges.
  • Funds received from SBA disaster loans can be used by property owners to build back better, stronger, and more resilient.
  • By helping small businesses, homeowners, renters, and others shift their focus to preparedness, we can help reduce the impacts of future disasters.
  • The disaster loan program is the only form of SBA assistance not limited to small businesses.