Published May 24, 2022 Thai Phi Le Senior Managing Editor Nearly 300,000 restaurants and bars applied for grants through the program last year, according to the Small Business Administration, but only a third of applicants received relief. The Restaurant Revitalization Fund covered period begins on February 15, 2020 and ends on March 11, 2023. The SBA is set to award an added $180 million in unspent funds allocated for the Restaurant Revitalization Fund (RRF) back in 2021. The sector still has myriad challenges ahead, but a glimmer of hope as Congress is expected to vote on further aid on May 19a $48 billion bill that would fully fund the Restaurant Revitalization Fund. JUNE 2022: In 2022, many RRF updates are in the works. SBA to disburse $180M in remaining RRF funds | Restaurant Dive Get the free daily newsletter read by industry experts. LOS ANGELES, CA / ACCESSWIRE / May 2, 2022 / The Restaurant Revitalization Fund (RRF) has promising news that funds may be added, however, are not guaranteed just yet. The House already has passed H.R. In January 2023, SBA stated that it would offer to participate in a government-wide dialogue to address systemic weaknesses related to IRS and territories' tax validation systems. Today's announcement is great news for those 169 operators fortunate enough to receive an RRF grant, but hundreds of thousands more are struggling with uncertainty. For more information, visitRestaurant.org and find us on Twitter@WeRRestaurants, Cision Distribution 888-776-0942 2023 Restaurant Accounting Services Inc. All Rights Reserved. WASHINGTON The House passed a $55 billion bill Thursday that would provide assistance to restaurants and other small businesses that have struggled because of the coronavirus pandemic. Christian Britschgi is dubious. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. In the wake of the COVID-19 pandemic, restrictions on gathering and other crowd control measures had a huge impact on restaurant owners. The freshest news from the food world every day. Restaurant Revitalization Award Portal. "With the looming threat of another variant and growing challenges of inflation for both operators and consumers, the economic boost RRF will provide for those 177,000 restaurants would reach far into our communities," Sean Kennedy, NRA's executive vice president of public affairs, wrote in the letter. Small businesses of long standing, and families who went into debt to launch, say, restaurants or bars or bakeries just before the pandemic, now have blighted futures the caprice of rotten luck. The recipient has until March 11th of 2023 to use the RRF grant unless the business has permanently closed. This recommendation will remain open until SBA (1) provides documentation of its review, and (2) addresses or mitigates any deficiencies identified. A particular section of the legislation, Section 5003, laid the foundation for the Restaurant Revitalization Fund. They said at least 90,000 restaurants and bars have closed since the pandemic started more than two years ago. This recommendation will remain open until SBA develops and implements a plan to respond to potentially fraudulent and ineligible awards in a prompt manner. Painel do Inscrito. The Latest Restaurant Revitalization Fund (RRF) Updates The restaurant industry was the hardest hit by the pandemic. RRF Taxability, RRF Update and ERC taxability We recommended that SBA do so. From independent operators to hospitality groups, most are disappointed and some are angry that there remains no federal aid to support struggling restaurants. After congress walked away from the funds replenishment in March 2022 and the Senate failed to pass the replenishment in May 2022, 177,000 establishments were left without aid. Nova Inscrio. Make Your Nomination for Restaurant Informers 2023, Lapeer Steak and Seafood Lands New Executive Chef McAlpine, Payback Time: What To Do About Your PPP or EIDL Loan, Georgia Hospitality Expo & ProStart Invitational 2023. The SBA, which had $83 million in unobligated RFF money worked with the advice of the Department of Justice to begin distributing the remaining funds to 169 restaurant operators with pending RRF applications. Priority is to be provided to previous RRF applicants that did not receive an award. Joanna Fantozzi | Apr 06, 2022. (Recommendation 4), The Associate Administrator for the Office of Capital Access should develop and implement data analytics across RRF awards as a means to detect potentially fraudulent award recipients. The industry still has not recreated 565,000 jobs lost at that time, which is the largest current employment deficit caused by the pandemic among all U.S. industries. (Recommendation 1), The Associate Administrator for the Office of Capital Access should assess how the design of RRF pre-award controls may have adversely affected applicants from U.S. territories, and identify and document steps to mitigate this issue for future programs. Washington, D.C. - The National Restaurant Association today sent a letter to Congressional leadership encouraging passage of Restaurant Revitalization Fund (RRF) Replenishment if the program comes up for a vote this week. The U.S. House and Senate passed a bill, S.4008, which would've added $40 billion to the plan - a significant increase over the approximate $29 billion originally proposed in the RRF. 3807), which would refill the Restaurant Revitalization Fund with $42 billion,was reintroduced in. The RRF is actually part of the American Rescue Plan Act (ARPA), which was established in March 2021. Until these funds were used up, they were available for eligible entrepreneurs, establishments, and corporations. SBA releases $83M in additional RRF aid National Restaurant Association Nov 23, 2022, 16:51 ET WASHINGTON, Nov. 23, 2022 /PRNewswire/ -- Today, the Small Business Administration (SBA) announced the release of $83 million dollars in. The American Rescue Plan created the Restaurant Revitalization Fund. For an optimal experience visit our site on another browser. Restaurant owners plead for Congresss help after omicron surge. For example, SBA considered applications made through external vendors to be low-risk, but over 4,000 recipients who applied through such a channel have been flagged for suspected fraud or ineligibility, including an alleged fraudster who received $8 million. Welp, its (almost) official: when Congress takes up the 2022 omnibus spending bill, there wont be any new money for restaurants that are still struggling after years of pandemic-related losses. The Relief for Restaurants and Other Hard Hit Small Businesses Act of 2022 (H.R. Ninety-six percent of RRFrecipients said the grant made it more likely that their business would survive. Copyright 2023 Sawyer Direct LLC | All Rights Reserved. Taking additional steps to identify and address potentially fraudulent awards in a timely manner could help SBA recover funds. Most applicants got to the trough too late, when it was empty. There had, however, been 278,304 applicants seeking $72 billion. With so many questions surrounding the RRF, we created this resource and guide to provide answers. And stop digging. Esqueci minha senha. Restaurant Revitalization Fund Award Disbursements, May 3July 1, 2021. That is a serious consideration. As such, well continue to see the consequences of that failure in the coming months. By June 2021, the funds $28.6 billion had been disbursed to 100,000 applicants in grants averaging $283,000. The bill would provide $42 billion to replenish the RRF. Congress is voting on a $42 billion Restaurant Revitalization Fund The National Restaurant Association is asking Congress to replenish the Restaurant Revitalization Fund as the Covid omicron variant hits operators' businesses. By June 2021, the fund's $28.6 billion had been disbursed to 100,000 applicants in grants averaging $283,000. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023. And it underscores the inevitable inequities that accompany large-scale government interventions in the economy. Four mistakes youre making with home internet. It is axiomatic that the titles of congressional bills, like the titles of Marx Brothers movies (Duck Soup, Horse Feathers), are not scrupulously informative. For more information about the SBA, visit sba.gov. Do it again, but bigger. Payroll costs claimed as ERTC eligible wages, Forgivable payroll expenses on the PPP forgiveness application, Nonpayroll expenses claimed on the PPP Forgiveness application. Nearly 1 year ago, the Restaurant Revitalization Fund (RFF) stopped taking applications. So, however, is this: Once government begins to pursue the chimera of ever-more-perfect fairness, it finds actually, it incites more and more factions claiming that justice demands their inclusion in the governments ever-expanding plans for smoothing lifes rough surfaces. Painel do Inscrito | Conference Software CEO of Berryhill Baja Grill restaurants in Houston, Jeff Anon, decided to take matters into his own hands in regards to declaring his right to free speech. Is the grant money taxable and are the expenses deductible? Please enter a valid email and try again. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. However, in May, the Senate didnt pass the proposed increase, which was viewed by many as a setback. Restaurant Revitalization Fund Both political parties agreed that the RRF should be replenished but couldn't reach a consensus on how to pay for it. New York City got him rehired, KFC is getting rid of 5 menu items but one fan favorite is finally coming back, Wagamamas Food Fight With Hedge Fund Is Delicious, Smart Mobility Data: The Essential Guide to US Retail Location Selection, What Diners Want: 5 Top Trends in the Restaurant Industry, NRA forecasts 2023 job growth, not major recession, Starbucks board opposes labor review backed by NYC pension funds, CA bill would establish joint franchisor-franchisee liability for QSRs, The Relief for Restaurants and Other Hard Hit Small Businesses Act of 2022 (H.R. Last year, lawmakers created. This deadline had many restaurants wondering who is eligible, when to expect additional RRF updates to the legislation, if any additional RRF forgiveness has been granted, and which anti-fraud mechanisms were put in place to determine which claims are legitimate. Apr 7, 2022. Press Releases | National Restaurant Association Two senators and two congressmen signed a letter Tuesday asking the Small Business Administration to update Congress on its plans to disburse $180 million in unallocated Restaurant Revitalization Fund money. Forty-three Senate Republicans, objecting to the fact that only a smidgen of the Senate bills cost would be offset by economies elsewhere, on May 19 prevented there being 60 votes to proceed with it. After this money was distributed, more than 177,000 applications were left in limbo at the SBA. H.R. Its abundantly clear that the Biden administration considers the pandemic to be basically over. For more information, please check out our Privacy Policy. Including $85 million for certain border region businesses, such as those in (herewith a geography lesson) the Northwest Angle, which CQ Roll Call explains is a region of Minnesota that is separated from the rest of the state by the Lake of the Woods but shares land borders with Canada, whose strict pandemic protocols injured Americans living in the Angle. What to do? The median award was about $126,000. By the time it closed in July 2021, the RRF. Rebecca Shabad is a politics reporter for NBC News based in Washington. These restaurants fighting for survival cannot go it alone any longer, and should not be treated as a spot in the rear-view mirror of Congress.". CPF, documento de identificao ou Cdigo da Conta. This is not an infusion of funds into the RRF currently; in fact, a new law was introduced and passed by the House of Representatives to replenish the RRF with more than $40 billion, but it did not pass the Senate (See June 2022 update below).