They said at least 90,000 restaurants and bars have closed since the pandemic started more than two years ago. 3807), which would refill the Restaurant Revitalization Fund with $42 billion,was reintroduced in. Cardin's bill, S.4008, would provide $40 billion in additional funding for the Restaurant Revitalization Fund. Keep reading to learn more about RRF grant updates, eligibility, RRF forgiveness, and more. RASI will only use your information to contact you about our products and services. This news doesnt exactly come as a surprise, but earlier this year, there was some hope that more money was coming. The Restaurant Revitalization Fund was established in March 2021 to support eligible entities suffering revenue losses from the COVID-19 pandemic. 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. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. In January 2023, SBA stated that it was reviewing 10% of RRF awards to confirm eligibility and use of funds compliance. (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. Roger Wicker (R-MS) and Kyrsten Sinema (D-AZ), signed the letter . This program provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19. As such, well continue to see the consequences of that failure in the coming months. About 40% of eligible applicants received awards from the resulting Restaurant Revitalization Fund before it was depleted. In 2020 and 2021, restaurants, bars, and other food service businesses experienced substantial revenue loss and unemployment resulting from the COVID-19 pandemic. 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. If the business permanently closes, the covered period will end when the business permanently closes; or, on March 11, 2023 whichever occurs sooner. 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. We are beyond disappointed that this massive government funding proposal ignores the needs of 177,300 neighborhood restaurants and bars impacted by the pandemic, IRC executive director Erika Polmar said. 3807), that included $42 billion to replenish the RRF, on April 7. In March 2021, Congress appropriated $28.6 billion to SBA for a Restaurant Revitalization Fund to assist the industry. With so many questions surrounding the RRF, we created this resource and guide to provide answers. Or 28,399 closures. Number of Restaurant Revitalization Fund Applications by Eligibility and Funding Status. Even the Restaurant Revitalization Fund, with its paltry $28.6 billion in initial funding, wasn't enough to meaningfully help most establishments. There are steps the government can take to support restaurants in every community, and we will continue to press for solutions at the federal, state, and local level.". Painel do Inscrito | Conference Software The National Restaurant Association is asking Congress to replenish the Restaurant Revitalization Fund as the Covid omicron variant hits operators' businesses. While SBA prevented over 30,000 suspicious applications from receiving awards, GAO identified systemic control weaknesses. Realizar Login. (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. (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. There comes a point where the right policy is: Stop smoothing. The Senate has a $48 billion bill, with more than restaurants eligible for revitalization: gyms, minor league sports teams, companies that support live entertainment events (lighting and sound technicians, etc. According to the SBA, they received more than 278,000 applications by June 30th, 2021, seeking more than $72.2 billion in funding. Curso de Amostrador 2022. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, A New Normal Takes Hold; Restaurants Focused on Paths to Continued Growth in 2023, DIRECTV for BUSINESS and National Restaurant Association Team-Up to Enhance the Restaurant Experience and Advance Restaurant Workers. Congress can talk about refilling the Restaurant Revitalization Fund, but it can never be full enough to service all factions who can claim, with some plausibility, that they experienced unfairness not easily distinguished from that suffered by factions who benefited from the first $28 billion. National Restaurant Association asks Congress for aid amid omicron A particular section of the legislation, Section 5003, laid the foundation for the Restaurant Revitalization Fund. And stop digging. 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. They have until March 2023 to spend the money. "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. 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. (Recommendation 6), The Associate Administrator for the Office of Capital Access should develop and implement a plan to respond to potentially fraudulent and ineligible RRF awards in a prompt and consistent manner. Rescuing restaurants (again) ought to give Congress indigestion, Sign up for a weekly roundup of thought-provoking ideas and debates, Alex Murdaughs conviction rested on a fateful phone video. For instance, it prevented over 30,000 suspicious applications from receiving awards. The American Rescue Plan created the Restaurant Revitalization Fund. The bill would also put $13 billion toward other businesses impacted by the COVID-19 crisis. Stay up to date on the news from Silicon Valley, and how to take back control of your data and devices. Among its objectives, this report examines recipient characteristics, SBA's internal controls and fraud risk management practices, and SBA's efforts to monitor recipients. H.R. What is the timeframe for using the RRF grant money? 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. Restaurant Revitalization Fund (RRF) Updates. According to reporting from CNNs Manu Raju, Senate small business and entrepreneurship committee chairman Ben Cardin said on Tuesday, March 8 that Republican opposition means that the Restaurant Revitalization Fund (RRF) will not be replenished. The SBA is set to award an added $180 million in unspent funds allocated for the Restaurant Revitalization Fund (RRF) back in 2021. LOOK What Happened When This Restaurant Posted a Politically Incorrect Sign. What's the impact of the Senate's failure to pass RRF? The restaurant But with Congress having adjourned for a two-week recess, the bill won't be considered anytime soon in the Senate. If the recipient fully expends their funds prior to December 31, 2021, they will be asked to certify that proceeds have been used on eligible expenses. 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. 3807 (117th). All of the funds had to be used for valid cases and claims up to March 11, 2023. Get the free daily newsletter read by industry experts. 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. 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. the aid could benefit? 3807, the Restaurant Revitalization Fund Replenishment Act of 2021. SBA disagreed with five recommendations, including to assess pre-award controls and implement a plan to address fraudulent or ineligible awards. Four mistakes youre making with home internet. Lawmakers ask SBA for disbursement plan for $180M RRF leftovers The freshest news from the food world every day. 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! Follow. 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. For more information about the SBA, visit sba.gov. Just over 100,000 businesses received funding (40 percent of eligible applicants). The SBA is set to award an added $180 million in unspent funds allocated for the Restaurant Revitalization Fund (RRF) back in 2021. Updated August 15, 2022 SBA Restaurant Revitalization Fund Grants This will remain until they fully expend the grant funding or the covered period expires. Nevertheless, the Replenishment bill barely passed the House 223 to 203 in April, with only six Republicans favoring it and only four Democrats opposed. For an optimal experience visit our site on another browser. This plan should include coordinating with the OIG to align efforts to address fraud. 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). But, then, weapons systems have been purchased because suppliers of components were spread across the country like tapenade on toast. By June 2021, the fund's $28.6 billion had been disbursed to 100,000 applicants in grants averaging $283,000. We noted in our report, however, that SBA's post-award review procedures for RRF state that flagged awards will be reviewed when the recipients certify that they have spent their entire award or after they submit their final use-of-funds report (not when fraud is initially suspected).
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