Which 20 Boise Area Restaurants Survived With the Biggest Share of Federal Money?
With a heavy heart, the Treasure Valley has said farewell to dozens of restaurants over the last two years. Others were able to survive with the help of their loyal customers and a little hand-up from the federal government.
When the COVID-19 pandemic forced the shutdown of thousands of businesses across the United States, the federal government introduced the Paycheck Protection Program to help small businesses cover payroll costs, mortgage interest, rent and utilities. Small businesses with under 500 employees were eligible to apply. Those who used up their first loan early in the pandemic and had experienced more than a 25% drop in their revenue were eligible for a second draw after December 2020.
Who applied and what they received is public record through the United States Small Business Administration. According to FederalPay.org, which turned the publically available data into a searchable database, 54,401 Idaho businesses received loans. All of those added together added up to $3.5 billion. The industries in Idaho that received the most loans included offices of real estate agents and brokers, beef cattle ranching and farming, beauty salons, new single-family housing construction and of course...full-service restaurants.
1,459 loans were granted to full-service restaurants and loans averaged $96,981. Some restaurants received significantly more than that. Which ones? After combing through the data for the Treasure Valley, these were the 20 that got the most hope.