The relief package will appropriate $28.6 billion to establish a Restaurant Revitalization Fund (RRF), administered by the Small Business Administration (SBA). Recipients that are unable to use all the funds on eligible expenses by the end May 3—Starting Monday, eligible businesses can apply for federal COVID-19 relief through the $28.6 billion Restaurant Revitalization Fund, or … $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. [Eligible expenses incurred February 15, 2020 to March 11, 2021] - [Gross receipts] - [Total amount received in PPP loans (1st and 2nd Draw)] = Restaurant Revitalization Fund Grant Aggregate grants made to an eligible entity, and any affiliated businesses of the eligible entity, are limited to $5M per physical location and $10M total for the eligible entity. On March 11, 2021, President Joe Biden signed the American Rescue Plan Act of 2021 (the “Act”), a $1.9 trillion bill aimed at boosting the American economy during the COVID-19 pandemic. B is eligible for an RRF grant of $180,000. The American Rescue Plan Act, P.L. This is not a loan like the PPP that required either forgiveness or repayment. Through the Restaurant Revitalization Fund, eligible businesses may receive awards between $1,000 and $5 million per location to offset expenses, such as payroll, supplies, and operating expenses, incurred between Feb. 15, 2020, and March 11, 2023. 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 … Subtract 2020 and 2021 Gross Receipts from tax return or to be reported on tax returns 1. The American Rescue Plan Act passed in March 2021 established the Restaurant Revitalization Fund (“RRF”) to provide funding to restaurants and other eligible businesses. The money from the Restaurant Revitalization Fund comes with restrictions on how you can spend it. The RRF grant is NOT an economic stimulus payment. Per the organization, one point of sale system, calculates restaurants and bars are eligible for at least $168 billion in RRF grants. The purpose of the Restaurant Revitalization Fund is to support the restaurant industry by providing funding to … $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. The Covered Period for RRF expenses runs from February 15, 2020 through March 11, 2023. The Restaurant Revitalization Fund will provide tax-free grants to bars, restaurants, and other related food and beverage-related businesses. 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 … Timeframe for Using Funds . Per the organization, one point of sale system, calculates restaurants and bars are eligible for at least $168 billion in RRF grants. Recipients are not required to repay the funding as long as funds are used for “eligible expenses” no later than March 11, 2023. The Covered Period for RRF expenses runs from February 15, 2020 through March 11, 2023. Have eligible reimbursable costs of up to 100% of the grant amount requested. What is the Restaurant Revitalization Fund? ... An eligible restaurant business may receive a tax-free federal grant equal to … The program will give restaurants funding equal to their pandemic-related revenue losses. Restaurants who receive Restaurant Revitalization Funds can use them for a wide variety of “eligible expenses” that are either incurred as … April 28, 2021 SBA Restaurant Revitalization Fund Grants The Small Business Administration’s (SBA’s) $28.6 billion context, SBA requires that the borrower pass a “business Restaurant Revitalization Fund Program (RRF) was activity assessment” and a “liquidity assessment,” each of authorized by P.L. She cited the SBA’s Restaurant Revitalization Fund, which started accepting applications on May 3 and has already disbursed funds to many eligible local restaurants and eateries. The RRF application window opened at noon EDT on May 3, 2021. The SBA Administrator may extend the covered period. SBA may provide funding of up to $5,000,000 per location (not to exceed $10,000,000 total for the Applicant and any affiliated businesses) for Applicants who meet eligibility requirements. Restaurant Revitalization Fund (RRF) What Are The Eligible Uses Of Funds? Established under the American Rescue Plan, and signed into law by President Joe Biden on March 11, the Restaurant Revitalization Fund provides a … The Act created a $28.6 billion Restaurant Revitalization Fund (RRF). Entities that own a place of business where the public or patrons assemble for the primary purpose of being served food or drink, including a: • Restaurant, Food Stand, Food Truck, Food Cart; ... A major component of the bill is a $28.6 billion Restaurant Revitalization Fund, which is likely to affect thousands of U.S. coffee retailers. On March 11, 2021, President Biden signed the $1.9 trillion American Rescue Plan, which included an expansive grant funding pool of $28.6 billion—grants, not loans—to cover pandemic losses for restaurants, bars, bakeries, wine venues, caterers, food trucks and other F&B operators. Minimum Criteria for Eligible Businesses: Note: Past-due expenses are eligible if they were incurred beginning on February 15, 2020 and ending on March 11, 2023. If a restaurant was not operating for all of 2019, the maximum grant value is the average monthly gross receipts in 2020 minus the average monthly gross receipts in 2019. How the Restaurant Revitalization Fund Grants Work. Plan how all Restaurant Revitalization Fund (RRF) grant funds will be spent on eligible expenses. What is the Covered Period for the Restaurant Revitalization Fund? April 28, 2021 SBA Restaurant Revitalization Fund Grants The Small Business Administration’s (SBA’s) $28.6 billion context, SBA requires that the borrower pass a “business Restaurant Revitalization Fund Program (RRF) was activity assessment” and a “liquidity assessment,” each of authorized by P.L. 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. 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. Who Qualifies for the Restaurant Revitalization Fund? The grant funds can be used for certain qualified expenditures related to the operations of the business from February 15, 2020 to December 31, 2021. 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). 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. Scotto & Melchiorre Group LLC. The Restaurant Revitalization Fund (RRF) relief program application portal will be tested in a seven-day pilot period ahead of the application launch, the U.S. Small Business Administration (SBA) announced as it revealed key details of the program. 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. Restaurant Revitalization Fund (RRF) Who Is Eligible? As a result, $70,000 of the qualified wages reported as payroll costs may be treated as qualified wages for purposes of the employee retention credit. 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 … The American Rescue Plan Act of 2021 establishes a $28.6 billion Restaurant Revitalization Fund within the SBA, which will provide eligible business with a tax-free federal grant based on revenue decline. 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) 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. The fund award is treated as a grant so long as used for eligible purposes by March 11, 2023. 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. The COVID-19 pandemic has disrupted industries of all types, but perhaps none more so than the restaurant industry. The Restaurant Revitalization Fund has been established as a part of the American Rescue Plan. 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. 11, 2021. Eligible businesses could receive up to $5,000,000 per location, not to exceed $10,000,000 total per applicant, and the funds can be used on a wide array of eligible expenditures, which include most business operating expenses. 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. 0:10—Today’s Topic: What is the Restaurant Revitalization Fund? Eligible organizations are permitted to use the tax-free funding from the RRF to cover eligible expenses incurred from Feb. 15, 2020, to Dec. 31, 2021, (or a date later determined by the SBA). The business must have had at least 33% gross receipts be onsite food and beverage sales in 2019. The grant program aims to make restaurants whole for revenue losses incurred … If you’re a restaurant owner looking for financial support to keep your business running, you’ve come to the right place. ERC and PPP Loans 15 Below we cover the basics of the RRF as outlined by the SBA, including eligibility requirements, covered expenses and how to apply for RRF grant funding.. Who is eligible for Restaurant Revitalization … 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). Eligible Expenses. 117-2, the American Rescue Plan Act of which require detailed responses … How do I apply for a Restaurant Revitalization Fund grant? Recipients that are unable to use all the funds can simply return the unused funds to the Treasury. So act fast to secure your Restaurant Revitalization Fund grant! She cited the SBA’s Restaurant Revitalization Fund, which started accepting applications on May 3 and has already disbursed funds to many eligible … If an eligible business receives a grant and fails to use all grant funds or permanently ceases operations on or before the last day of the covered period (December 31, 2021), the unused funds will be returned to the Treasury. According to the Restaurant Revitalization Fund Program Guide (which can be found here), eligible expenses include: Client Companies are provided mentoring and grants and may be eligible for investments from SC Launch, Inc. RESTAURANT REVITALIZATION GRANTS 1 ELIGIBILITY 1. Who is an “eligible entity” for Restaurant Revitalization Fund Grants (RRFG)? Ready to submit your Restaurant Revitalization Fund grant application? Given the number of possible eligible entities, this money is likely to go quickly. Recipients that are unable to use all the funds can simply return the unused funds to the Treasury. The Restaurant Revitalization Funding Covered Period. Apr 30, 2021. Grants are one-time distributions to eligible cafes and coffee shops via the Small Business Administration (SBA). 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.” The minimum award is $1,000. 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. On April 17, 2021, the Small Business Association (SBA) released a comprehensive Restaurant Revitalization Fund (RRF) Program Guide outlining eligibility and … Note: Past-due expenses are eligible if they were incurred beginning on February 15, 2020 and ending on March 11, 2023. The American Rescue Plan Act and the Restaurant Revitalization Fund - What’s in It for Restaurants. Eligible expenses have the same definition as “Eligible Uses of Funds”. 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. The Small Business Administration (“SBA”) Registration for the Restaurant Revitalization Fund Program (the“RRF”) Opened on Friday, April 30th, 2021 and started accepting applications on Monday, May 3rd, 2021 at 12:00 noon. 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. The entity must use the funds for eligible expenses … From national chains to local diners, restaurants across the country have dealt with limitations on their operations that seem to be constantly changing. 117-2, the American Rescue Plan Act of which require detailed responses … Exclude PPP loan forgiveness, SBA Section 1112 payments, EIDL advances, The Restaurant Revitalization Grant funds may only be used for certain expenses during the covered period of February 15, 2020, through December 31, 2021. Restaurant Revitalization Fund This program provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19. As part of the fund, restaurants do not need to pay back their grants and can use the funding for payroll, benefits, mortgages, rent, utilities, maintenance, supplies, protective equipment, cleaning materials, food, paid sick leave, and any other expenses deemed essential. The following are eligible expenses that a restaurant may use with any Restaurant Revitalization Grant: Payroll Costs; So, if your restaurant didn’t open before January 1, 2020, it’s still eligible. The Restaurant Revitalization Fund provides grants to eligible … 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. Applications opened Monday, May 3, for the Small Business Administration’s (SBA) new Restaurant Revitalization Fund (RRF) program, intended to help restaurants and alike businesses impacted by the COVID-19 pandemic. 1319). By Ken Tysiac. April 30, 2021. bars, and other eligible entities that have been hard hit by the COVID-19 pandemic. TO APPLY. Timeframe for Using Funds; Awardees must use all Restaurant Revitalization funds by March 11, 2023 on eligible expenses incurred beginning on February 15, 2020 and ending on March 11, 2023. Costs to be demonstrated by receipts/ invoices. What You Need to Know About the Restaurant Revitalization Fund. Available in grants from the American Rescue Plan's Restaurant Revitalization Fund will total $28.6 billion. Funding from Economic Injury Disaster Loans (“EIDL”) and Employee Retention Tax Credit (“ERTC”) will not be counted towards 2020 revenues. Awarded Restaurant Revitalization Fund grants must be used by the recipients by March 11, 2023, and used on eligible expenses that have been incurred beginning on … It’s important to note that PPP, EIDL and ERC are not used to cover the same expenses as the RRF grant proceeds. 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. 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.” Introduced in the American Rescue Plan Act, the Restaurant Revitalization Fund (RRF) was established to provide relief to restaurants. • The Restaurant Revitalization Fund (RRF) is a $28.6 billion fund created by the American Rescue Plan Act of 2021 that provides grants for bars and restaurants that have had financial losses due to the COVID-19 pandemic. The “covered period” for what expenses can be paid by the grant must be incurred between February 15, 2020, to March 11, 2023. Eligible Expenses. Per Federal guidelines all expenses must have been incurred AFTER March 3, 2021, to be eligible for grant funding. The grant program aims to make restaurants whole for revenue losses incurred … 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”). This program, created by the American Rescue Plan Act (ARPA) that was enacted on March 11, 2021, aims to provide relief to restaurants, bars, and similar eligible businesses who were impacted by the COVID-19 pandemic.. General Overview. 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). Calculate total amount spent on eligible expenses incurred between February 15, 2020 and March 11, 2021 2. have not yet opened but have incurred eligible expenses as of March 11, 2021 1. It incurred $400,000 of eligible expenses to date but earned only $220,000 in revenue. The business must have had at least 33% gross receipts be onsite food and beverage sales in 2019. The U.S. Small Business Administration (SBA) is now accepting Restaurant Revitalization Fund (RRF) applications. Different from the PPP, this funding does not have to be repaid or forgiven but businesses will … With additional guidance and details surrounding the Restaurant Revitalization Fund, your business may now have an opportunity to take advantage of this grant program. Example: Restaurant B opened in March 2020. The funds can only be used on select expenses incurred between February 15, 2020 and March 11, 2023. All business established before March 11, 2021 are eligible for a grant, if they meet the other requirements. Help is on the way for restaurant owners who were hit hard by the COVID-19 pandemic. Restaurant Revitalization Grants must be used for expenses within the covered period, from February 15, 2020 to December 31, 2021. 1:03—The Restaurant Revitalization Fund was created on March 11th as a part of the American Rescue Plan Act. Awardees are not required to repay the funds as long as RRF funds are spent on eligible uses no later than March 11, 2023. 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. Restaurants will also be able to use funds to pay off business-related credit card expenses, third-party delivery commissions, unforgiven portions of … To receive a grant, an eligible business must submit an application along with a copy of IRS Form 4506-T (Request for Transcript of Tax Return). 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 RRF grants provided $28.6B in relief to eligible bars, restaurants and related foodservice businesses, and signal a long-awaited turning point for the… The Small Business Administration will likely open up the Restaurant Revitalization Fund grant applications “within weeks, not months,” of President Biden signing the stimulus package into law, Rep. Earl Blumenauer (D- Or.) 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. ... and businesses will be able to deduct expenses paid with grant funds from their gross income. There have been more than 110,000 (or 17% of all) restaurants closed permanently or long term in the US because of COVID-19. 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). •Eligible entities are businesses that are not permanently closed and include businesses where the public or patrons assemble for the primary purpose of being served food or drink •Includes: •Restaurants •Food stands, food trucks, food carts •Caterers •Bars, saloons, lounges, taverns Businesses that did not open before mid-March 2020 can get a grant equal to eligible expenses incurred. Timeframe for Using Funds; Awardees must use all Restaurant Revitalization funds by March 11, 2023 on eligible expenses incurred beginning on February 15, 2020 and ending on March 11, 2023. The Restaurant Revitalization Fund (RRF) provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19. On March 11, the American Rescue Plan Act of 2021 created the $28.6 billion Restaurant Revitalization Fund to provide grants for restaurants sustaining financial losses due to the COVID-19 pandemic. Below, the panelists cover RRF eligibility and dive deep into financial specifics. $5 billion of that fund will be set aside for restaurants with $500,000 or less in sales in 2019. Coffee Businesses Eligible to Tap Into the $28.6 Billion Restaurant Revitalization Fund. The long-awaited opening of the Restaurant Revitalization Fund is now close at hand. This newly created restaurant revitalization fund at the U.S. Small Business Administration (SBA) is based on the bipartisan RESTAURANTS Act. Awardees must use all Restaurant Revitalization funds by March 11, 2023 on eligible expenses incurred beginning on February 15, 2020 and ending on March 11, 2023. The Restaurant Revitalization Fund (RRF) relief program application portal will be tested in a seven-day pilot period ahead of the application launch, the U.S. Small Business Administration (SBA) announced as it revealed key details of the program. The Restaurant Revitalization Fund: The Basics. Eligible entities should apply as soon as applications become available in order to … Restaurant Revitalization Fund details come into focus. The RRF will provide grants to eligible entities based on their “pandemic-related revenue loss.” 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 … Episode 57: What you need to know about the SBA Restaurant Revitalization Fund, 2nd PPP, and the Employee Retention Credit. These grants are meant to compensate restaurant owners for the decline in revenue in 2020 due to the pandemic The ARP Act appropriates a total of WASHINGTON — Today, Representative Josh Harder (CA-10) announced that applications for Restaurant Revitalizations Fund will open this morning at 9:00 AM PT. → Uncategorized → Restaurant Revitalization Fund 2021. This program provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19. 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) Awardees have until March 11, 2023 (the covered period) to completely utilize award funds on eligible expenses. What Is The Tax Treatment of The Restaurant Revitalization Grant? As restaurants look beyond pandemic, some twists, turns, adjustments will be permanent With restaurants facing losses in sales of over $255B, the Restaurant Revitalization Fund program has come at an opportune time. Eligible companies should familiarize themselves with the SBA’s Program Guide and sample application form and register for an … On April 17, 2021, the Small Business Association (SBA) released a comprehensive Restaurant Revitalization Fund (RRF) Program Guide outlining eligibility and … 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). ... 2021 must certify in the application portal that all funds were used towards eligible expenses. Like other federal relief programs, RRF recipients may only spend awarded money on eligible expenses. Grants are capped at $10,000,000 per affiliated group and $5,000,000 per physical location of the eligible … The U.S Small Business Administration (SBA) released program guidelines and the sample application process for the Restaurant Revitalization Fund (RRF) on April 17, 2021. With restaurants facing losses in sales of over $255B, the Restaurant Revitalization Fund program has come at an opportune time. Finally, there is a light at the end of the tunnel for restaurant owners who were hit hard by the pandemic. Through the Restaurant Revitalization Fund, eligible businesses may receive awards between $1,000 and $5 million per location to offset expenses, such as payroll, supplies, and operating expenses, incurred between Feb. 15, 2020, and March 11, 2023. 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. Have eligible reimbursable costs of up to 100% of the grant amount requested. If an eligible business opened in 2020, the grant is equal to the amount of eligible expenses reduced by any gross receipts received and any PPP Draws received in 2020 and 2021. 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. Minimum Criteria for 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 … 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 ... amount is capped at $10 million per business with a $5 million limit per physical location and may be used to cover eligible expenses retroactively to February 15, 2020.

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