Restaurant Revitalization Fund (RRF) Updates - August 2022 (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. Recipients cannot claim other expenses paid with RRF grant money as nonpayroll costs for purposes of PPP forgiveness. In January 2023, SBA stated that it was weighing potential solutions, such as adding functionality in the RRF platform to allow recipients to report their operating status. Back in January, a Biden administration official said pretty plainly that the president had no plans to support a new comprehensive stimulus for all Americans, but did hint that there might be something small for restaurants on the way. This plan should include coordinating with the OIG. | 2 p.m. Restaurant Revitalization Fund Distributes $83M in Remaining Funds November 28, 2022 On Nov. 23, the U.S. Small Business Administration (SBA) released a statement about the current state of the Restaurant Revitalization Fund (RFF), which helped more than 100,000 restaurants and food and beverage business owners during the pandemic. 2023 Restaurant Accounting Services Inc. All Rights Reserved. Ninety-six percent of RRFrecipients said the grant made it more likely that their business would survive. SBA Restaurant Revitalization Fund:: On Nov. 23, the U.S. Small Business Administration (SBA) released a statement about the current state of the Restaurant Revitalization Fund (RFF), which helped more than 100,000 restaurants and food and beverage business owners during the pandemic. Four mistakes youre making with home internet. We sponsor the industry's largest trade show (National Restaurant Association Show); leading food safety training and certification program (ServSafe); unique career-building high school program (the NRAEF's ProStart). Arriving as federal spending has driven inflation to a 40-year high, the Replenishment Act indicates disregard for this rule: When you are in a hole, quit digging. In 2020, independent locations declined by 8 percent, according to The NPD Group. ABC News reported on the story, where Anon explained how he was fed up with how sensitive people have gotten . Esqueci minha senha. RASI will only use your information to contact you about our products and services. According to the SBA, they received more than 278,000 applications by June 30th, 2021, seeking more than $72.2 billion in funding. 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. The National Restaurant Association has been requesting these funds be released, and Executive Vice President of Public Affairs Sean Kennedy released the following statement in response: "The SBA's action represents the final chapter of our nearly three-year effort to secure dedicated federal pandemic relief dollars for local restaurants. Realizar Login. According to the American Rescue Plan Act of 2021 (ARPA), the amounts received from the SBA in the form of a Restaurant Revitalization Grant shall not be included in gross income (non-taxable); additionally, the expenses incurred are deductible. SBA emphasized pre-award controls to detect fraudulent or ineligible applications but has not assessed their effectiveness. SBA to disburse $180M in remaining RRF funds | Restaurant Dive There are several strategic . It is not clear how, when, or to whom these RRF grants will be issued, so do not throw away any correspondence from the SBA because you may be one of the lucky stores to receive an extremely late RRF grant! The Independent Restaurant Coalition, which has spent the last two years lobbying for small restaurants in the face of extreme economic uncertainty, issued a statement on Wednesday condemning the decision to abandon restaurants, calling it catastrophic for these establishments. For more information, please check out our Privacy Policy. Congress eventually set aside $28.6 billion dollars for the RRF in the American Rescue Plan Act. Rescuing restaurants (again) ought to give Congress indigestion the Senate didnt pass the proposed increase, Easy Tips To Understand How To Properly Read Your Balance Sheet, Restaurant Business & Startup Loans: Complete Guide, Business payroll costs, including health insurance, Payments on any business mortgage obligation (both principal and interest; note: this does not include any prepayment of principal on a mortgage obligation), Business rent payments (note: this does not include prepayment of rent), Business debt service (both principal and interest; note: this does not include any prepayment of principal or interest), Business utility payments, maintenance expenses, Business supplies (including protective equipment and cleaning materials), Covered supplier costs, same definition as under PPP Forgiveness nonpayroll expensesfood purchases, Legal expenses, marketing expenses, insurance expenses, business licenses, shipping fees, equipment (new hood or a new grill, new fryers, etc.). With so many questions surrounding the RRF, we created this resource and guide to provide answers. This program provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19. Painel do Inscrito. Updated August 15, 2022 SBA Restaurant Revitalization Fund Grants 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. Joanna Fantozzi | Apr 06, 2022. As a restaurant owner, youve most definitely heard about the varying RRF updates throughout the last year, how they could possibly impact your establishment, and more. In the initial shutdowns, more than eight million industry employees were laid off or furloughed. Restaurant Owners RRF SBA EIDL Restaurant Revitalization Funds - Yahoo! www.arffinancial.com/updates-to-the-restaurant-revitalization-fund/, Mozilla/5.0 (Windows NT 10.0; Win64; x64) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/103.0.0.0 Safari/537.36. Despite literal years of exhortations from everyone from Tom Colicchio to Elizabeth Warren for Congress to provide aid to restaurants, neither the Biden administration nor Congress has acted in a way to provide meaningful, comprehensive assistance. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. Restaurant Revitalization Fund What's the impact of the Senate's failure to pass RRF? Will an injustice be done if, with the pandemic receding and the economy reviving, nothing is done for those who missed out in the first-come-first-served scramble for the initial (and perhaps final) $28 billion? The 177,000 restaurants that applied but didn't receive RRF funding represent around 20% of the industry, according to the National Restaurant Association, suggesting another round of restaurant-specific federal grants could improve the industry's recovery. Nevertheless, the Replenishment bill barely passed the House 223 to 203 in April, with only six Republicans favoring it and only four Democrats opposed. The bill would provide $42 billion to replenish the RRF. By the time it closed in July 2021, the RRF. 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. Copyright 2023 Sawyer Direct LLC | All Rights Reserved. The Small Business Administration confirmed it will distribute $180 million in unspent money allocated for the Restaurant Revitalization Fund as awards, the National Restaurant Association said in an email to Restaurant Dive. SBA disagreed with five recommendations, including to assess pre-award controls and implement a plan to address fraudulent or ineligible awards. 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. Consider the House-passed, $55 billion Restaurant Revitalization Fund Replenishment Act, which could be the No Faction Left Behind Act.. The first reports were due in December 2021, but 32 percent were overdue as of June 2022. Congress Won't Send Any More Financial Aid to Restaurants - Eater Many independently owned restaurants havent been anywhere near profitable since the pandemic began, and its clear that many of them are in a hole that theyll never be able to dig themselves out of. But, then, weapons systems have been purchased because suppliers of components were spread across the country like tapenade on toast. Well, then, what about that will-o-the-wisp, fairness? Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten.
Actions to satisfy the intent of the recommendation have not been taken or are being planned.
, Executive Candidate Assessment and Development Program, Business Regulation and Consumer Protection, The Associate Administrator for the Office of Capital Access should conduct and document an assessment of the RRF pre-award controls and address or mitigate deficiencies. Senha. The bill is co-sponsored by Sen. Roger Wicker (R-MS) and includes additional funds for gyms, live venues and transit systems, among other business categories. UPDATE: April 6, 2022:Sen. Benjamin Cardin (D-MD) introduced a bill similar to the one before the House Tuesday night. Payroll costs claimed as ERTC eligible wages, Forgivable payroll expenses on the PPP forgiveness application, Nonpayroll expenses claimed on the PPP Forgiveness application. 3807 (117th). Restaurant Revitalization Fund: Opportunities Exist to Improve (Recommendation 5), The Associate Administrator for the Office of Capital Access should develop, document, and implement procedures to use enforcement data on suspected fraud in other SBA programs, such as PPP, to identify potential fraud in RRF recipients. They have until March 2023 to spend the money. SBA stopped accepting applications in July 2021 with the program oversubscribed and almost all its funds disbursed. We recommended that SBA do so. JUNE 2022: In 2022, many RRF updates are in the works. The recipient has until March 11th of 2023 to use the RRF grant unless the business has permanently closed. "After navigating an unpredictable supply chain, multiple COVID-19 surges, and dealing with revenue-hampering restrictions, these businesses have two years of crushing debt," Erika Polmar, the IRC's executive director, said in a statement. 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.". Senate Minority Whip John Thune, R-S.D., splashed cold water on the prospects of the legislation moving forward, comparing it to the stalled Covid relief bill.Identify The Examples Of Postmodernism In Popular Culture,
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