Updated August 15, 2022 SBA Restaurant Revitalization Fund Grants Bei der Nutzung unserer Websites und Apps verwenden wir, unsere Websites und Apps fr Sie bereitzustellen, Nutzer zu authentifizieren, Sicherheitsmanahmen anzuwenden und Spam und Missbrauch zu verhindern, und, Ihre Nutzung unserer Websites und Apps zu messen, personalisierte Werbung und Inhalte auf der Grundlage von Interessenprofilen anzuzeigen, die Effektivitt von personalisierten Anzeigen und Inhalten zu messen, sowie, unsere Produkte und Dienstleistungen zu entwickeln und zu verbessern. By June 2021, the funds $28.6 billion had been disbursed to 100,000 applicants in grants averaging $283,000. Keep reading to learn more about RRF grant updates, eligibility, RRF forgiveness, and more. The $55 billion bill would largely replenish a grant program created by the American Rescue Plan that provides assistance to restaurants. Lawmakers ask SBA for disbursement plan for $180M RRF leftovers Everything from labor to packaging to utilities have gotten more expensive, and that ongoing rise in the cost of doing business continues to have a disproportionate impact on small businesses like restaurants. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. CPF, documento de identificao ou Cdigo da Conta. Its abundantly clear that the Biden administration considers the pandemic to be basically over. Congress Won't Send Any More Financial Aid to Restaurants - Eater And it underscores the inevitable inequities that accompany large-scale government interventions in the economy. Lawmakers approved the measure in a 223-203 vote, with only about a handful of Republicans backing it. 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. The unfortunate outcome however was that the demand for the funds was far greater than the supply. Just over 100,000 businesses received funding (40 percent of eligible applicants). For more information, please check out our Privacy Policy. By the time it closed in July 2021, the RRF gave out just about a third of the grant requests that it received because the demand was so great. In January 2023, SBA stated that it follows standard operating procedures to refer suspicious activity to the OIG. For more information, visitRestaurant.org and find us on Twitter@WeRRestaurants, Cision Distribution 888-776-0942 Stay up to date on the news from Silicon Valley, and how to take back control of your data and devices. Stay informed as we add new reports & testimonies. ABC News reported on the story, where Anon explained how he was fed up with how sensitive people have gotten . Many hoped that would mean more money into the RRF, which wasnt able to distribute the vast majority of monies requested by restaurants due to lawsuits over a rule intended to help that aid reach minority-owned businesses first. They said at least 90,000 restaurants and bars have closed since the pandemic started more than two years ago. Supply chain shortages are still a massive problem for restaurants, and the cost of doing business grows by the day. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. "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. Access from your Country was disabled by the administrator. The recipient has until March 11th of 2023 to use the RRF grant unless the business has permanently closed. SBA emphasized pre-award controls to detect fraudulent or ineligible applications but has not assessed their effectiveness. House, Senate introduce bills adding $40B to RRF | Restaurant Dive There had, however, been 278,304 applicants seeking $72 billion. 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. Copyright 1999 2023 GoDaddy Operating Company, LLC. 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. Number of Restaurant Revitalization Fund Applications by Eligibility and Funding Status. There are several strategic . 3807, the Restaurant Revitalization Fund Replenishment Act of 2021. Roger Wicker (R-MS) and Kyrsten Sinema (D-AZ), signed the letter . SBA releases $83M in additional RRF aid However, for expensesses incurred on February 15, 2020 or after, be careful not to use the following: So long as funds are utilized for eligible applications no later than March 11, 2023, there is no requirement for recipients to repay the funding. The American Rescue Plan created the Restaurant Revitalization Fund. SBA does not immediately investigate all potentially fraudulent awards, and instead waits for recipients to submit final reports (which might not be until April 30, 2023). The SBA is set to award an added $180 million in unspent funds allocated for the Restaurant Revitalization Fund (RRF) back in 2021. Something went wrong. from 8 AM - 9 PM ET. 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. In 2020, independent locations declined by 8 percent, according to The NPD Group. The House is expected to vote on the bill,which has a mix of 234 Democratic and Republican sponsors, this week. Restaurant Revitalization Fund (RRF) Updates - August 2022 97 views Aug 29, 2022 0 Dislike Share RASI - Restaurant Accounting Services Inc 494 subscribers The SBA is set to award an. Restaurant Owners RRF SBA EIDL Restaurant Revitalization Funds - Yahoo! This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Or 28,399 closures. Both political parties agreed that the RRF should be replenished but couldn't reach a consensus on how to pay for it. The legislation would also provide $13 billion for other businesses affected by the pandemic, and it would establish oversight and reporting requirements to ensure grants are awarded properly and to verify the use of funding. Joanna Fantozzi | Apr 06, 2022. I hear from business owners every day who are having to close their doors and since Congress and the White House couldnt see their way to refill the RRF, hundreds more will face the same fate in the coming weeks.. When typing in this field, a list of search results will appear and be automatically updated as you type. The House already has passed H.R. A requirement for annual reporting submissions applies to any applicant who doesnt fully expend RRF grant funds before December 31, 2021. Taking additional steps to identify and address potentially fraudulent awards in a timely manner could help SBA recover funds. This news doesnt exactly come as a surprise, but earlier this year, there was some hope that more money was coming. Restaurant Revitalization Fund (RRF) Updates. To amend the American Rescue Plan Act of 2021 to increase appropriations to the Restaurant Revitalization Fund, and for other purposes. The SBA will work with the Department of Justice to disburse the money, according to the NRA. 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. Among its objectives, this report examines recipient characteristics, SBA's internal controls and fraud risk management practices, and SBA's efforts to monitor recipients. The wisdom of those measures is debatable; the pain from them is undeniable. The freshest news from the food world every day. GAO maintains that all of the recommendations are valid, as discussed in this report. Press Releases | National Restaurant Association 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. (Recommendation 3), The Associate Administrator for the Office of Capital Access should enhance RRF post-award reporting procedures by adding requirements for recipients to report their operating status. So, in March 2021, seasonal compassion reinforced a political temptation for all seasons Congresss temptation to make life less unfair. 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. This government aide says it knows what voters want. Even the Restaurant Revitalization Fund, with its paltry $28.6 billion in initial funding, wasn't enough to meaningfully help most establishments. It's unclear whether Democrats in the evenly split Senate will be able to win over at least 10 Republicans to overcome the 60-vote threshold to end any potential filibuster and pass the measure. However, in May, the Senate didnt pass the proposed increase, which was viewed by many as a setback. Restaurant Revitalization Award Portal. 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. Senha. They are on the verge of closing permanently as a result.". On April 7, 2022, the House passed H.R. 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. According to the SBA, the RRF provided $28.6 billion to more than 100,000 restaurants, bars, and other businesses that provide on-site food and drink. Restaurant Revitalization Fund: Opportunities Exist to Improve 3807), which would refill the Restaurant Revitalization Fund with $42 billion, was reintroduced in a Rules Committee meeting in the House of Representatives on Tuesday. Most recipients (72 percent) reported they were owned by women, veterans, or members of socially and economically disadvantaged groups. (Recommendation 2), The Associate Administrator for the Office of Capital Access should develop and implement policies and procedures for addressing RRF recipients who do not meet annual reporting requirements.
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