240 million!This restaurant’s PPP loans are on average 17 times higher than in the Bay Area

Catering boss must read the blue words above

Recently, French Laundry, a fine dining restaurant in Napa Valley, has attracted much attention:California Governor Gavin Newsom and San Francisco Mayor London Breed called on people to stay at home and not eat together during the epidemic.Enjoy a luxurious party while patronizing this Michelin three-star restaurantIt has recently been revealed that this restaurant received a total of 240 million PPP loans during the epidemic."17 times higher than the average loan received by Bay Area restaurants."

Image source French Laundry official website

The PPP Salary Protection Program was launched by the Federal Small Business Administration SBA this summer to help small businesses across the United States survive the new crown crisis. It is hoped that small businesses struggling under the epidemic will retain as many employees as possible.If the company meets the SBA requirements when using the loan, it can eventually be repaid in full.However, the project has been widely criticized. Many applicants did not receive any loans before the fund pool was exhausted. Large chain stores and well-known companies received millions or even tens of millions of loans: Shake Shack, Sweetgreen, etc., Although the funds were subsequently returned under pressure from public opinion.

The research organization I-Team analyzed thousands of California PPP loans issued by SBA, and the results showed that large companies with ample cash flow are more likely to obtain loans than small restaurants and small companies with tight cash flow.Of all the loans approved in California,拥有300名或更多员工的大型餐厅中，有91％的申请在4月就获得了批准，而只有100名或更少的员工的小型餐厅中只有52％获得了贷款。

According to the mediaThe latest data analysis released by SBA shows that2020/4/30, French LaundryApprovedTwo loans totaling more than 240 million US dollars.The first loan exceeded $220 million to retain 163 employees.The second loan was US$194,657 to retain 5 employees.

Image source ABC7

This year 9 month,The French Laundry has reopened, offering an in-room dining experience of US$850 per person. The menu includes Dom Perignon champagne, truffles, caviar, foie gras, Wagyu beef and more.Information on the ordering platform shows that French Laundry’s exclusive outdoor gourmet dining experience starts at USD 450 per person; and dinner with white truffle and caviar is USD 1200 per person.

On November 11, just a few days before California Governor Gavin Newsom announced strict control of the epidemic, he and his wife went to the Michelin three-star restaurant to attend the birthday party of his political adviser Jason Kinney.

Image source FOX11 LA

the next day,San Francisco Mayor London Breed also attended the 60th birthday party of socialite Gorretti Lo Lui at this restaurant.Due to public pressure, both of them subsequently apologized for their words and deeds.

Image source Twitter

At present, as the available capacity of the ICU in the Bay Area has fallen below 15%, the stay-at-home order takes effect and all restaurants must close dine-in services.I wonder if the first round of PPP loans received by this restaurant has been spent?According to the new stimulus plan passed by Congress last Sunday, the second round of PPP loans cannot exceed US$200 million. If you send out more money this time, I wonder how much French Laundry can get?But if there are senior California officials who want to have a dinner together, I am afraid they will have to find a better place.

References:

https://sf.eater.com/2020/12/16/22178937/the-french-laundry-ppp-loans-thomas-keller

https://abc7news.com/business/the-french-laundry-got-more-than-%2424m-in-ppp-funding/8806467/

About "North American Meal Exam News"

"North American Meal Exam News" is the sister number of the North American head gastronomy new media "Eating Food Team". It aims to serve North American Chinese food and beverage practitioners and is committed to building a professional service platform for the North American food and beverage industry. We hope to promote the two-way exchange of Chinese and American catering culture, support Chinese food to go overseas, and serve overseas brands in China.

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240 million!The restaurant’s PPP loan is 17 times higher than the average in the Bay Area

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