This program provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19. The long-awaited opening of the Restaurant Revitalization Fund is now close at hand. She cited the SBA’s Restaurant Revitalization Fund, which started accepting applications on May 3 and has already disbursed funds to many eligible … The Restaurant Revitalization Fund (RRF) targets small, minority-owned businesses, including women, veterans, and other economically disadvantaged groups. Have eligible reimbursable costs of up to 100% of the grant amount requested. This special provision provides funds upwards of $10 million per business. The $28.6 billion Restaurant Revitalization Fund (RRF) was established by the American Rescue Plan Act of 2021 to provide grant support to eligible entities sustaining financial losses due to the COVID-19 pandemic. The U.S. Small Business Administration (SBA) is now accepting Restaurant Revitalization Fund (RRF) applications. Per Federal guidelines all expenses must have been incurred AFTER March 3, 2021, to be eligible for grant funding. The Act specifies that eligible expenses for restaurants to use Restaurant Revitalization Grants Funds for include: 1. The American Rescue Plan Act of 2021 created the Restaurant Revitalization Fund – a $28.6 billion grant program to relieve restaurants from the losses they experienced due to the Covid-19 pandemic. Per the organization, one point of sale system, calculates restaurants and bars are eligible for at least $168 billion in RRF grants. The restaurant must use all of the RRF grant proceeds by March 11, 2023 on eligible expenses that were/are incurred during the period beginning February 15, 2020 and ending March 11, 2023. As part of the American Rescue Plan, signed into law on March 11, 2021, Congress recognized the great burden placed on restaurants, bars, and other similar places of business with the creation of the Restaurant Revitalization Fund (RRF). All business established before March 11, 2021 are eligible for a grant, if they meet the other requirements. CBS News reported in May 2021 that after the official debut of the Restaurant Revitalization Fund, the SBA received more than three times the number of applicants than expected. The Restaurant Revitalization Fund provides $28.6 billion in grants, not loans, that are considered non-taxable, deductible expenses. ... and businesses will be able to deduct expenses paid with grant funds from their gross income. Eligible expenses have the same definition as “Eligible Uses of Funds”. These grants are meant to compensate restaurant owners for the decline in revenue in 2020 due to the pandemic “Refilling the Restaurant Revitalization Fund is the most important thing Congress can do to get their constituents back on their feet and help their communities thrive,” Polmar said in a statement. May 3—Starting Monday, eligible businesses can apply for federal COVID-19 relief through the $28.6 billion Restaurant Revitalization Fund, or … Step 2: Subtract 2020 gross receipts as reported or to be reported on the eligible entity’s 2020 Federal tax return or, if applying through a designated SBA point-of-sale restaurant partner, the gross receipts that are recorded with the point-of-sale partner. Eligible Expenses. FAQ: Restaurant Revitalization Grants. Businesses that did not open before mid-March 2020 can get a grant equal to eligible expenses incurred. Grants are one-time distributions to eligible cafes and coffee shops via the Small Business Administration (SBA). Eligible expenses have the same definition as “Eligible Uses of Funds”. Recipients that are unable to use all the funds can simply return the unused funds to the Treasury. The RRF will provide grants to eligible entities based on their “pandemic-related revenue loss.” Business Expenses • Business payroll costs (including sick leave) • Business utility payments • Business maintenance expenses • Business supplies (including protective equipment and cleaning materials) • Business food and beverage expenses (including raw materials) Established under the American Rescue Plan, and signed into law by President Joe Biden on March 11, the Restaurant Revitalization Fund provides a total of $28.6 billion in direct relief funds … 0:10—Today’s Topic: What is the Restaurant Revitalization Fund? Restaurant Revitalization Fund Purpose: The RRF is intended to replace pandemic related revenue loss up to $10M (and no more than $5M per physical location). Wander Technologies, Inc. (dba Rayka) , located in Charleston, is a nearby discovery platform based on recommendations, rather than 1-5 star reviews. The RRF grant is NOT an economic stimulus payment. What is the Restaurant Revitalization Fund? The money from the Restaurant Revitalization Fund comes with restrictions on how you can spend it. Restaurant Revitalization Fund This program provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19. The American Rescue Plan Act, P.L. How do I apply for a Restaurant Revitalization Fund grant? Established under the American Rescue Plan, and signed into law by President Joe Biden on March 11, the Restaurant Revitalization Fund provides a … The American Rescue Plan signed into law on March 11, 2021, created the $28.6-billion-dollar Restaurant Revitalization Fund (RRF) for struggling restaurants, bars, and other food and beverage associated … Scotto & Melchiorre Group LLC. WASHINGTON — Today, Representative Josh Harder (CA-10) announced that applications for Restaurant Revitalizations Fund will open this morning at 9:00 AM PT. These include payroll costs, business mortgage obligations, rent payments, utility expenses, outdoor seating/protection construction, supplies, costs of food and beverage, covered supplier costs, and business operating expenses (i.e., accounting, legal, marketing, licensing). If the business permanently closes, the covered period will end when the business permanently closes or on March 11, 2023, whichever occurs sooner. The American Rescue Plan Act passed in March 2021 established the Restaurant Revitalization Fund (“RRF”) to provide funding to restaurants and other eligible businesses. Restaurant Revitalization Fund Restaurants impacted by the economic fallout of COVID-19 may be eligible for a grant up to $10 million to cover eligible expenses … If a restaurant was not in operation for all of 2020, it could potentially receive a grant that totals the amount of “eligible expenses” put into the business to date. The Act created a $28.6 billion Restaurant Revitalization Fund (RRF). The entity must use the funds for eligible expenses … What Is The Tax Treatment of The Restaurant Revitalization Grant? The fund will be run by the U.S. Small Business Administration (SBA) and can provide eligible restaurants with funding of up to $10 million per business or no more than $5 million per physical location. Any payments made with grant funds that are not authorized by RRF rules may require the recipient to repay the funds or become subject to a federal fraud investigation. Have eligible reimbursable costs of up to 100% of the grant amount requested. $28.6 billion of grant funds, known as the Restaurant Revitalization Fund (RRF), have been set aside by the American Rescue Plan Act for restaurants and other qualifying food businesses. The American Rescue Plan Act of 2021 contains $28.6 billion in nontaxable grants for businesses in the restaurant or restaurant related industry (see full list of eligible entities below). In other words, RRF funds can be sought for eligible expenses already incurred (and even paid) and eligible expenses that have not yet been incurred: Business payroll costs (including sick leave) Restaurant Revitalization Fund. The program will give restaurants funding equal to their pandemic-related revenue losses. The Restaurant Revitalization Fund was passed as part of the American Rescue Plan signed into law by ... an eligible entity can use grant funds for eligible expenses … On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021, which provides an additional $1.9 trillion in new COVID relief funds, including, among other things, funding of a $28.6 billion Restaurant Revitalization Fund (the “RRF”). Eligible Recipients: With the passage of the American Rescue Plan Act of 2021, a $26 billion Restaurant Revitalization Fund Grant (RRFG) was established to help restaurants across the country recover from the hardship put on them as a result of the COVID-19 pandemic.Rea & Associates has been committed to putting out resources and insight for businesses that may be eligible to receive these funds. An RRF grant can be used to cover the following expenses: Payroll costs including paid sick leave; The principal or interest on any mortgage obligation On April 17, 2021, the Small Business Association (SBA) released a comprehensive Restaurant Revitalization Fund (RRF) Program Guide outlining eligibility and … B is eligible for an RRF grant of $180,000. 1:03—The Restaurant Revitalization Fund was created on March 11th as a part of the American Rescue Plan Act. Apr 30, 2021. The Restaurant Revitalization Fund provides grants to eligible … Established under the American Rescue Plan, and signed into law by President Joe Biden on March 11, the Restaurant Revitalization Fund provides a total of $28.6 billion in … Note: Past-due expenses are eligible if they were incurred beginning on February 15, 2020 and ending on March 11, 2023. Generally, the total RRF grant amount for an eligible business and any affiliated businesses is capped at $10 million and is limited to $5 million per physical location of the business. CBS News reported in May 2021 that after the official debut of the Restaurant Revitalization Fund, the SBA received more than three times the number of applicants than expected. As a result, CBS News reported that “more than 362,000 eligible businesses ended up applying for nearly $75 billion in assistance through the program.” What is the Restaurant Revitalization Fund? The U.S. Small Business Administration (SBA) is targeting early April to launch a phased rollout of the $28.6 billion Restaurant Revitalization Fund (RRF), a senior SBA official testified during a Senate Small Business Committee hearing. Per the organization, one point of sale system, calculates restaurants and bars are eligible for at least $168 billion in RRF grants. Restaurants who receive Restaurant Revitalization Funds can use them for a wide variety of “eligible expenses” that are either incurred as … bars, and other eligible entities that have been hard hit by the COVID-19 pandemic. Each establishment could be entitled to up to $10 million, but businesses with more than one location are limited to recovering no more than $5 million per location. Per Federal guidelines all expenses must have been incurred AFTER March 3, 2021, to be eligible for grant funding. The relief package will appropriate $28.6 billion to establish a Restaurant Revitalization Fund (RRF), administered by the Small Business Administration (SBA). 117-2, the American Rescue Plan Act of which require … Begi n ning May 3rd, restaurants and other eligible hospitality businesses can apply for funds from the Restaur a nt Revitalization Fund, or RRF, until the money runs out. $70,000 of other eligible expenses reported on the PPP Loan Forgiveness Application, sufficient to support the amount of the PPP loan that was forgiven. Grants are capped at $10,000,000 per affiliated group and $5,000,000 per physical location of the eligible … The fund award is treated as a grant so long as used for eligible purposes by March 11, 2023. The Covered Period for RRF expenses runs from February 15, 2020 through March 11, 2023. The Act created a $28.6 billion Restaurant Revitalization Fund (RRF). The Small Business Administration’s (SBA) $28.6 billion Restaurant Revitalization Fund is part of the recently passed American Rescue Plan Act and is designed to provide federal aid to restaurants and bars that experienced pandemic-related revenue loss due to forced closures and crowd size restrictions.. The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. Restaurant Revitalization Fund (RRF) Who Is Eligible? The RRF application window opened at noon EDT on May 3, 2021. Minimum Criteria for Eligible Businesses: Coffee Businesses Eligible to Tap Into the $28.6 Billion Restaurant Revitalization Fund. It’s expected that the $28.6 billion funding of the RRF will be depleted quickly, so eligible taxpayers will want to gather their documentation and apply as quickly as possible. The legislation includes the Restaurant Revitalization Fund (RRF), a $28.6 billion grant program designed to provide economic relief to eligible restaurants with 20 locations or less. If a restaurant does not fully use the grant funds (including if the restaurant permanently closes) during this timeframe, the unused funds must be returned. Note that all eligible applicants can now apply, even though “for the first 21 days that the program is open, the SBA will prioritize funding applications from businesses … The following are eligible expenses that a restaurant may use with any Restaurant Revitalization Grant: Payroll Costs; The RRF is administered by the Small Business Administration (SBA) and will provide funding equal to pandemic-related revenue loss. The RFF is much like last year’s Paycheck Protection Program loans which restaurants used to pay for necessary expenses and to remain open during the height of the crisis. Eligible Expenses. There have been more than 110,000 (or 17% of all) restaurants closed permanently or long term in the US because of COVID-19. The RRF was designed to bring aid to restaurants, bars, and other “eating establishments” that have suffered revenue losses due to the COVID-19 pandemic. Eligible entities should apply as soon as applications become available in order to … According to the Restaurant Revitalization Fund Program Guide (which can be found here), eligible expenses include: By Ken Tysiac. Begi n ning May 3rd, restaurants and other eligible hospitality businesses can apply for funds from the Restaur a nt Revitalization Fund, or RRF, until the money runs out. According to the Restaurant Revitalization Fund Program Guide (which can be found here), eligible expenses include: As part of the American Rescue Plan Act (ARPA), the Small Business Administration (SBA) set aside $28.6 billion dollars for a grant program called the Restaurant Revitalization Fund (RRF). $5 billion of that fund will be set aside for restaurants with $500,000 or less in sales in 2019. Awardees are not required to repay the funds as long as RRF funds are spent on eligible uses no later than March 11, 2023. It’s important to note that PPP, EIDL and ERC are not used to cover the same expenses as the RRF grant proceeds. From national chains to local diners, restaurants across the country have dealt with limitations on their operations that seem to be constantly changing. An eligible entity (together with affiliated businesses of the eligible entity) can apply for a Restaurant Revitalization Grant that will be awarded with respect to “pandemic-related revenue losses.” The Small Business Administration (SBA) will administer these grants to be paid out of the Restaurant Revitalization Fund. RESTAURANT REVITALIZATION GRANTS 1 ELIGIBILITY 1. Who is an “eligible entity” for Restaurant Revitalization Fund Grants (RRFG)? What You Need to Know About the Restaurant Revitalization Fund.

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